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Whole life policies: These policies offer fixed premiums, cash value with guaranteed growth, and a guaranteed death benefit. Universal life policies: Universal life policies offer more flexibility.
Benefits. Term Life Insurance. Whole Life Insurance. Duration. Varies; can last for a period of years or to a specific age. Life. Cost. Variable, but usually lower than whole life policies
If a policyholder outlives the term of their policy, they may have the option of renewing it, converting the policy to a permanent insurance policy—such as whole life insurance—or letting the ...
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]
These policies are often low face value whole life insurance policies, allowing individuals (ages 50-90) to purchase affordable insurance later in life. These may also be marketed as final expense insurance or burial insurance and usually have death benefits between $1,000 and $50,000.
Second, life insurance death benefits are generally tax-free, while withdrawals from retirement accounts like 401(k)s or IRAs may be subject to taxes. Life insurance can be a more tax-efficient ...
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