Choosing between term and whole life insurance policy really depends on the stage in life the buyer is in. For example, term insurance is best suited for an unmarried individual as he can get a high risk cover at a realistic premium amount say a cover for Rs. 10 lakh at approximately Rs. 2,500 annual premium.
Whole life insurance policy with a term rider would better suit a married person with two young kids. While a whole life plan would take care of the savings aspect of the married person allowing him to withdraw the amount as and when he requires it, the term rider would bring in the much needed additional protection cover at a reasonably low cost.
A simple whole life policy would suit a married person who is in his early 40s with grown up kids for the simple reason that it would cover him for his entire life at a low cost.
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