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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]
Universal life insurance (UL) is like whole life’s flexible cousin. UL policies still provide lifetime coverage, but they allow you to adjust your premiums and the death benefit if your needs or ...
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.
Many term life policies let you switch to permanent coverage, like whole life or universal life, without undergoing a medical exam. Your conversion window won’t stay open forever, so grab your ...
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Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
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