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Life Insurance Whole Life. This is different from term life insurance, which only pays out if you die during the set term the policy runs for. It's designed to provide a death benefit for a specific period (e.g., 5, 10, 20, or even 30 years).
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It’s the most basic type of permanent life insurance that offers consistency along with some predetermined, guaranteed cash value growth. It may also build cash value over time, which is money that gets set aside with each payment you make. This is why the payout is guaranteed and the.
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It’s called whole life insurance because it covers you for your whole life. It may also build cash value over time, which is money that gets set aside with each payment you make. What is whole life insurance? Whole life insurance is a type of permanent life insurance, which means the insured person is covered for the duration of their life as long as premiums are paid on time.
