Term Life Insurance is a purely life protection product, focusing on providing life coverage to the insured person within a specified period. Its premiums may be adjusted with age or upon renewal. Whole Life Insurance, on the other hand, offers both protection and returns, often using a level premium system. For the same premium, Term Life Insurance typically provides over 12 times^ higher coverage than traditional Savings Life Insurance products.

^Calculated based on the standard premium of a 35-year-old non-smoking female insured with a sum assured of $1 million; term life insurance: data is the standard premium of term life insurance (20-year coverage) on the market on July 1, 2020(Includes term life insurance that can be applied online and 8 other term life insurance products); saving life insurance: data is the standard premium of 8 saving life insurance products (20-year premium payment period) on the market on July 1, 2020.