What Is The Difference Between Whole Life And Term Life Policies?
I am interested in learning the difference in these two types of life insurance policies.
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Whole life builds equity and costs more. Term life is cheaper but coverage will end at a designated time. Hopefully, at the end of the term your debts and daily living expenses should have decreased greatly, especially if you invest the difference in price in a good mutual fund.
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Whole life insurance policy is for whole life.In many cases death benefit and premium is same.Whole life insurance policy is a type of permanent life insurance policy.Its premiums are higher than term life policy. Premium money goes toward your cash value.Whereas,Term life insurance is temporary insurance. Premium is paid to cover the risk of death during that year. Term life insurance has no cash value.
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