Term life insurance plans are purchased for a specific time period, such as 5, 10 or 15 years. It offers benefits if death occurs during the protection period. WeCare TL1 is a term life insurance plan. Most whole life insurance plans in Hong Kong provide death benefits as well as a cash value accumulation that builds during the life of the policy. Some of your premium payment will be diverted to the cash value account and does not factor into your insurance protection. This means that in order to get the same amount of protection as a term life insurance plan, you will have to pay more.