Whole Life Insurance: A Safety Net with a Savings Account
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Finding Affordable Insurance
- Term Life Insurance: Term life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) at a much lower premium compared to whole life insurance. This might be a good option if you only need coverage for a specific period, such as while your children are young or you have a mortgage.
- Universal Life Insurance: Universal life insurance offers more flexibility than whole life insurance. You can typically adjust your premium payments and death benefit within certain limits. However, there’s also a risk of the policy lapsing if there’s not enough cash value to cover the costs.
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