Whole life insurance and term life insurance

Life insurance is broadly divided into whole life insurance and term life insurance.
As the name implies, whole life insurance covers the period until death, and term life insurance covers a certain period of time.

Whole life insurance is relatively substantial in terms of death protection and hospitalization protection, and I think that it is often taken out as life insurance just in case.
The biggest merit is that the insurance will continue even after the payment of insurance premiums is completed, and it can be used very conveniently depending on the construction of the plan.

Most term life insurance mainly combines death protection and savings, and premiums and coverage continue for a certain period of time, such as 10 or 20 years.
For example, if you take out a 1 million yen maturity insurance fund for a period of 20 years, you can continue to pay the premium for 20 years and receive a dividend of 1 million yen when the maturity is reached.
In the unlikely event that you die in 20 years, 1 million yen will be paid as death insurance.

Both life insurances can have a special contract for hospitalization, so I think that the premium will differ considerably depending on whether you choose a lifetime insurance or a regular insurance.
I think it’s good to think of whole life insurance as a precaution, and term life insurance for the purpose of saving or saving.