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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]
If whole life or term life policy isn’t right for your needs, here are some other options to consider. Universal Life Insurance Universal life insurance is a permanent policy that provides ...
Can I convert term life insurance to whole life insurance? Yes, in many cases, you can convert your term life insurance into permanent coverage, such as whole life insurance. This option, often ...
A final expense policy is a type of whole life insurance designed to cover end-of-life expenses, such as funerals and medical bills. It can be useful for those who don’t need to leave ...
Pre-need life insurance policies are limited-premium whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral expenses that the applicant has designated in a contract with a funeral home .
Term, permanent, or whole life insurance policies qualify for life settlement. Most commonly, universal life insurance policies are sold. [6] [7] [8] Policyholders are generally 65 or older and own a life insurance policy worth $100,000 or more.
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