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Term Insurance:
– It’s like renting protection for a specific period, say 10, 20, or 30 years.
– If something happens to you during that time, like passing away, it pays out money to your family.
– But if nothing happens during that time, the protection ends, and you don’t get anything back.
Life Insurance:
– It’s like buying protection for your whole life.
– Whenever you pass away, it pays out money to your family.
– And sometimes, it builds up a savings fund over time that you can borrow from if needed.
So, term insurance is temporary, like renting, and life insurance lasts your whole life, more like buying a home.