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Life insurance

Life insurance pays an insurance policy that pays a sum to a named beneficiary upon the insured policyholder’s death. There are many different types of life insurance coverage to consider.

Term life insurance

Term life insurance is a specific type of life insurance that provides coverage for a fixed rate of payments over a limited period of time (the relevant term). If the insured passes during the specified term, a payment sum is made to the named beneficiary. This is a more affordable, flexible option compared to other types of coverage. It’s commonly used as part of a larger estate plan.

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Whole life insurance

Unlike term life insurance, a whole life insurance policy guarantees coverage at fixed premiums for the lifetime of the covered individual. Also called permanent life insurance or universal life, this coverage is guaranteed to remain for an entire lifetime as long as premiums are paid on time or to the maturity date. This type of life insurance is typically more costly than term insurance, and it can also be less flexible depending on your needs.

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