LIFE INSURANCE PRODUCTS
Whole life insurance:
Life insurance protection is for the whole life there is also a cash value component in this policy. Therefore, let's say if the client wants to discontinue his/her policy. Because the children are grown and life insurance need no longer exist, the client can get back cash value process of his/her policy and cancel the insurance policy.
Term Life insurance:
The life insurance protection is only for the selected term (5 years, 10 years, 15 years...). This policy provides risk coverage/ protection only. There is no cash value component in it.