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How do term life insurance and whole life insurance differ?

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Term is strictly protection. Whole life is protection plus cash value. Cash value is similar a to a savings account within the policy. Part of the periodic premium goes to pay for the insurance protection, and part is applied to the accumulation of cash value.

Term insurance can be purchased for a specified period to coincide with your needs (such as raising children), such as, 5, 10, 20 or 30 years. Whole life also can be purchased for a specified time, but when done so, the specified time will me stated in terms of how long it will take to pay the policy in full such than no further premiums are due. When that occurs, the policy remains in force, whereas if premiums stop with term insurance, the coverage lapses.

Whole life insurance is for life, or up to the age of 100! You do not need to renew it and the premiums are fixed for life. They are usually high when compared to term life insurance. This is because whole life insurance has cash value benefits as well which you can dip into. This comes in handy when you may have need of money.
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What is the difference between whole and term life insurance?

Answer   Whole life combines savings with a life insurance policy. Term life is just the policy and is generally much cheaper. A smart invester would never buy whole life

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What is the difference between term and whole life insurance?

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  Review your policy ... it has to be one or the other ... can't be both at the same time.

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What is the difference between whole life insurance and term life insurance?

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Term insurance can be thought of as "pure protection" in the sense  that it provides only a death benefit, and then, only if the  insured dies for a reason that is not exclu

What is the difference between term life and whole life insurance?

Term life is temporary coverage for a period of time that you choose based on your needs (mortgage paid off, kids finish college, retirement, etc) for 10, 15, 20, or 30 years.

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Term insurance is written for a specific period of time or until an age certain (the term). It may be for 1 year, 5 years, 10 years or it may be until age 60, 65, 70, etc. At