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Life Insurance
Term Life Insurance VS Whole Life Insurance? What’s Best for You?
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[QUOTE="lifeinsuranceconroe, post: 289503, member: 94342"] [B]Term Life Insurance[/B] Term life insurance is perhaps the easiest to understand because it’s straightforward insurance, without the bells and whistles. The only reason to buy a term policy is because of the promise of a death benefit for your beneficiary should you pass away while it’s in force. [B]Benefits[/B] Because of these two attributes—simplicity and finite duration—term policies also tend to be the cheapest, often by a wide margin. If all you seek from a life insurance policy is the ability to protect your family when you die, then term insurance is likely the best fit if you can afford it. Since term policies are typically more affordable and can last until your child enters adulthood, they could be an option for single parents who may want an additional safety net. [B]Whole Life Insurance[/B] Whole life is a form of permanent life insurance, which differs from term insurance in two key ways. For one, it never expires as long as you keep making your premium payments. It also provides some “cash value” in addition to the death benefit, which can be a source of funds for future needs. [B]Benefits[/B] Most whole life policies are “level premium,” meaning that you pay the same monthly rate for the duration of the policy. Those premiums are split in two ways. One part of your payment goes to the insurance component, while the other part helps build your cash value, which grows over time. Term life insurance would be a wise option for you if you are looking for affordable life insurance because term life plans cost low premiums than permanent. Moreover, if you are a sole breadwinner in the house, you can easily adjust the premiums of term life insurance with the other expenses. One of biggest factors in determining your life insurance needs is how much you need. If you have a large family, or have many people relying on your income, then you will likely want more coverage than someone who is single and doesn’t have any dependents. To know coverage amount; [/QUOTE]
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Term Life Insurance VS Whole Life Insurance? What’s Best for You?
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