The biggest difference between the two types of policies is that while both pay a death benefit to your beneficiaries, whole life also provides permanent (lifelong) coverage with a cash value component. That added value – along with the certainty that the insurer will eventually have to pay a death benefit – means that a whole life policy premium is higher than for a term policy. Here are some of the other features and differences that can help you decide which type of policy is best for your needs:
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Every person is unique, and the decision to buy a whole vs. a term policy should be guided by your specific situation in life and the things that matter to you, including such things as: How old are y
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