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LIFE INSURANCE

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Life insurance provides financial protection for loved ones in the event of the policyholder's death.  Two primary types are whole life and term life insurance.

 

Whole life insurance offers lifelong coverage with a guaranteed death benefit and fixed premiums. It also accumulates cash value over time, which policyholders can access through loans or withdrawals. While premiums are typically higher than term life insurance, the policy provides coverage for the insured's entire life and offers a savings component that grows tax-deferred.

 

Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. It offers a death benefit to beneficiaries if the insured passes away during the term of the policy but does not accumulate cash value. Term life insurance is generally more affordable than whole life insurance, making it an attractive option for individuals seeking temporary coverage to protect against financial obligations like mortgages, debts, or income replacement during specific periods of their lives.

 

Choosing between whole life and term life insurance depends on various factors, including financial goals, budget, and coverage needs. Whole life insurance offers lifelong coverage and a savings component but comes with higher premiums. Term life insurance provides affordable coverage for a specific period but does not offer cash value accumulation. It's essential to evaluate your financial situation and long-term objectives to determine which type of life insurance best aligns with your needs and goals.

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