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Why Whole Life Insurance Gets a Bad Rap Most Americans are just fine with a term life insurance policy -- a relatively low-cost safety net to to protect the people who depend on your income and ...
The problem with whole life insurance. Whole life policies consist of two parts: the death benefit — which is the lump sum your beneficiary receives — and cash value, which is a built-in ...
Before you make a decision on your life insurance coverage, it may benefit you to learn more about the pros and cons of whole life insurance, as well as how it works, in order to make the best ...
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]
Universal life insurance addresses the perceived disadvantages of whole life—namely that premiums and death benefits are fixed. With universal life, both the premiums and death benefit are flexible. With the exception of guaranteed-death-benefit universal life policies, universal life policies trade their greater flexibility for fewer guarantees.
Each insurance type comes with pros and cons that make it difficult to decide the best. The choice should be based on the factors most likely to help the family cope with the loss of a loved one.
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