Differentiate between whole life insurance and endowment insurance.

Answer»

Whole life insurance	Endowment insurance
1. It is taken for whole life.	1. It can be taken for a fix period of time.
2. The insuree never sees the money he gets because his heir receives the money when he dies.	2. The insuree can see the money he gets from the insurance company if the policy matures before he dies.
3. The insuree can use this policy only to safeguard his family from financial loss after he dies.	3. The insuree can use this policy as a saving tool in case the policy matures before he dies.

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