Term Vs Whole Life Insurance at Life

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Term Vs Whole Life Insurance. Even so, whole life insurance tends to have higher premiums than term life insurance. Term life insurance protects you for a specific number of years known as a term while whole life insurance protects you for your whole life and has a cash value accompanying the coverage.

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The main differences are in coverage length and cash value. One of the main differences between whole and term life insurance is the cost. However, over time, whole life insurance is actually the better option.

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The insurance you’re getting can be reinvested into paying premiums or used to cover your expenses. Whole life insurance is much more expensive than term life insurance. Whole life insurance provides cash value and. It is permanent, it has a cash value investment component, and it provides more ways to.