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Most people are familiar with term life insurance, which is a life insurance policy that provides coverage for a set period of time, usually 10, 20, or 30 years. Whole life insurance is a type of permanent life insurance that provides coverage for your entire life .
Whole life insurance policies have a number of features that make them unique and different from other types of life insurance. For one, whole life insurance policies have a cash value component that builds up over time. This cash value can be accessed and used for a variety of purposes, such as paying for college or retirement .
Whole life insurance policies also have a death benefit , which is the payout that your beneficiaries will receive in the event of your death . The death benefit is typically much higher than the cash value , which is why whole life insurance is often referred to as a "death benefit" policy .
Lastly, whole life insurance policies are permanent , meaning they do not expire like term life insurance policies do. This can provide peace of mind knowing that you and your family will be taken care of financially in the event of your death.
Whole life insurance policies have a number of features that make them unique and different from other types of life insurance. For one, whole life insurance policies have a cash value component that builds up over time. This cash value can be accessed and used for a variety of purposes, such as paying for college or retirement .
Whole life insurance policies also have a death benefit , which is the payout that your beneficiaries will receive in the event of your death . The death benefit is typically much higher than the cash value , which is why whole life insurance is often referred to as a "death benefit" policy .
Lastly, whole life insurance policies are permanent , meaning they do not expire like term life insurance policies do. This can provide peace of mind knowing that you and your family will be taken care of financially in the event of your death.