A major difference between a whole-of-life insurance policy and a term-life policy is:

Question

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Whole-of-life policies have an investment component, whereas term policies do not typically have this feature. Option A is incorrect as term policies can be for longer terms than just one year. Option B is incorrect as term policies do not have an investment component. Option D is also incorrect as both policies can accumulate bonuses that are paid out immediately or at the end of the term.

A Major Difference Between a Whole-Of-Life Insurance Policy and a Term-Life