The Difference of Two
Did you know the difference between whole life insurance and term life insurance? To make it simple, whole life insurance is a permanent type of insurance that remains effective until your death, even after you have paid all of the premiums. On the other hand, term life insurance is a temporary type of insurance offered in 10, 20 or 30 year “terms.” It remains in effect throughout the term that you have purchased. Though, at the time of your death, both insurance types pay a death benefit to your beneficiaries.
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