本文研究目的是依據我國保單實際給付條件修正Babbel(1978)期望淨現值的模型，以評價我國終身壽險和定期壽險商品的價值，本文實證結果如下：首先，不考慮紅利給付和續保定期壽險沒有加費情況下，當折現率等於保單預定利率時，不論性別、公司、終身壽險以及定期壽險的期望淨現值均為負值，且隨著投保年齡的增加呈現遞減趨勢，這顯示越年輕投保壽險越有利。其次，如果考慮定期壽險續保時有加費的情形，結果顯示年輕時投保定期壽險較有利，而年紀稍長，則應投保終身壽險較有利。第三，在隨機利率情況下，考慮紅利給付的期望淨現值與未考慮紅利給付之間的趨勢相近。最後，本文估計終身壽險的隱含附加費用率，實證結果符合法令的規定。

　　　　　This paper modifies Babbel's (1978) expected net present value (ENPV) model and evaluates the Value of whole life insurance and term life insurance according to the terms of policy issued by Taiwan life insurance firms. The result shows as follows: First, under the conditions of ruling out the factors of dividends and premium-added renew terms life insurance, when discount rate is equal to policy interest rate, ENPV is constantly negative. Second, under the conditions of not ruling out the premium-added renew term life insurance, the term life insurance is favorable to juniors and the whole life insurance is favorable to the seniors. Third, when interest rates are stochastic, the trends of ENPV are similar, whatever with or without considering the factor of dividends. Finally, The loading of whole life insurance is consistent with the present regulations.