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Whether you prefer term or whole life insurance will depend on many factors. Find out how these types of life insurance differ and what each option entails.
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
Term life insurance offers coverage for a specific amount of time, while whole life insurance provides lifelong coverage and the potential for a cash value accumulation. Typically, you can ...
Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [1]
Whole life insurance. ... This difference can affect the overall value and cost of the policy over time. ... Term life insurance is one of the most popular types of life insurance. It tends to be ...
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting.
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