With term insurance policy, the customer will [originaltext]M: May I buy a life

M: May I buy a life insurance policy, please?
W: Do you want a term, a whole-life or an endowment policy?
M: Tell me the difference so that I can make a choice.
W: (1) If you buy a term insurance policy, we’ll pay the sum for which you’re insured only if the policy-holder dies during the term of years stated in the policy. If you live longer, you’ll get nothing.
M: I won’t buy this one. What are the other two?
W: They’re the whole-life insurance and the endowment insurance. A whole-life policy gives you protection for your lifetime, ff you die, we will pay your heirs the sum for which you are insured if you continue to pay the premium through your life. As for the endowment policy, you have to pay a higher premium. This insurance pays you a certain sum of money at an agreed date.
M: I see. (2) I’ll buy the endowment policy, for it enables me to save money for my own old age and provide money for my wife if I die.
W: Good. (3) Please fill in this proposal form with particulars about yourself and the state of your health. We’ll arrange a medical examination for you, calculate the premium you must pay and issue you a policy.
M: If I fail to pay continually, will my policy just lapse?
W: No, you can surrender your policy for an immediate cash payment called surrender value.