What is Life Insurance?
Life insurance is a financial protection policy for your family that gives them a tax-free cash payment if you die while the policy is in effect.
Term Life Insurance
Term life gives you protection for a specific number of years. It can be used to protect a fixed expense like a mortgage or to provide coverage while you have dependents.
Whole Life Insurance
Whole life insurance is generally a more expensive product that provides protection for the entirety of your life as long as premiums are paid. It can contain a cash value component that can be utilized during your living years.
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Types of Life Insurance.
Here’s a summary of some of the basic features and differences between the different types of life insurance.