Article: Term Life Insurance: The Differences Between Term And Whole Life Policies
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Term Life Insurance: The Differences Between Term And Whole Life Policies
Life Insurance quite generally is a policy whereby you pay a company a premium so that if you die while covered your descendents receive financial benefits. Within the larger Life Insurance window there exist two broad categories of policies, Term and Whole life (Whole Life is also known by the equivalent term Universal Life Insurance). Term Life is exactly what its name implies, valid only for a certain period of time, whereas Whole life lasts the duration of one's life.
Price Differences
Because Term Life has a structured beginning and end, typically from 1 to 30 years, it is normally quite a bit cheaper than Whole Life. That is because under Whole Life it is assured that the insurer will eventually pay out (as we all eventually die). Under Term Life, howeve...
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