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Which is better to purchase: term or whole life insurance?

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Which is better to purchase: term or whole life insurance?

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The two are very different. Your choice of which one to get will depend on how you want to insure your family's future. Whole life is a combination of both term and permanent insurance. You pay premiums until the policy expires, which could be anywhere from 20 to 30 years, depending on the policy. When you die, guaranteed final premiums are paid to your beneficiaries . Term insurance expires at the end of a set period, at which time you would need to renew it again (or convert it into permanent insurance).

When it comes to which one is a better option, it all depends on your individual needs and situation. Some people prefer whole life because they feel that it protects their family's future, but they enjoy the less expensive and flexible premiums that come with term insurance. Term insurance is good for people who want to base their coverage around yearly income brackets, or under some other specific circumstances like disability or re-entering the work force when one has been out of work for a long time. Of course, whole life protects you from the day you buy it until the end of your lifetime, so many people prefer this type of coverage over term insurance. A good insurance agent can help you determine which type of coverage is right for you and your family.

And nevertheless, by taking a look at the rates for both types of insurance for your specific scenario, you'll have a better idea about the benefits of each one.

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- Term is better because it is more affordable and it allows you to be more flexible with your money. With whole life, you are stuck with one company for the rest of your life and you have to pay a monthly premium but term allows you to pay the premium annually or quarterly which will make it easier on your budget.
- Term insurance also gives you the flexibility of getting a new policy if there is an accident or something changes in your life.
- You should also look for an insurance company that has a flexible payment plan and you will have to pay a small fee if you cancel your policy before the end of the term.
- Both whole life and term insurance have their benefits so it is up to personal preference.
- You can also get term life insurance if you want, it will cost less than getting whole life and you would only pay for a certain amount of years.

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