Life insurance

Endowment (savings) insurance

Pros
The contract is concluded only with the insurance company, so there is no need to waste time visiting a bank.
In the event of an insured event, the heirs receive the money immediately.
It cannot be seized or confiscated.
It is possible to obtain a preferential loan secured by the policy (up to the surrender value)

Cons
If you miss a single payment, the insurance protection under the policy is lost
On early termination, the surrender value is 70–80%, meaning you incur a direct loss.

 Term insurance + deposit

Cons
In addition to the insurance company, you also need to sign a contract with a bank.
In the event of an insured event, the heirs will receive your deposit only after six months. However, they will receive the insurance amount immediately.

Pros
Higher income.
On early termination, you lose nothing, which means you can switch insurance companies at any time.
Your deposit is protected by the deposit insurance system.

In addition to conventional endowment insurance, there is also a modified version in which, starting from the 2nd or 3rd year, you share in the insurance company's investment income. Last year the investment income was about 12%, which again is less than what banks offer on deposits.