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Life Insurance FAQs
What is the difference between Whole Life Insurance and Term Life Insurance?
Any form of life insurance provides beneficiaries with an ongoing source of income in the event of the breadwinners passing. Highlighted below are the differences between Whole Life Policies and Term Life Policies.
Whole Life Insurance
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Coverage is for a lifetime.
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The premium amount is set for the lifetime of the insured.
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Many policies generate a cash value that can be used during the lifetime of the insured.
Term Life Insruance
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The coverage period is preset to typically 10, 15, 20 or 30 years.
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The premium amount is guaranteed for the policy term selected.
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Cash values are not available in advance or otherwise.
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