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The basic difference between long term life insurance and whole life insurance is that a term policy is life coverage only and this is also considered an advantage. One can buy a long term life insurance for periods of one year to 30 years, whereas whole life insurance is a combination of a term policy with an investment component.

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โˆ™ 2013-06-26 18:08:07
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Q: What are the advantages of long term life insurance vs whole life insurance?
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How long does whole life insurance provide coverage?

life till death


How long does it take to cancel your life insurance policy?

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What do whole life insurance term life insurance and universal life insurance have in common?

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How long does Gerber Life Insurance last?

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What is permanent life insurance?

Permanent life insurance is another name for whole life insurance. It provides permanent, lifelong protection. This distinguishes it from term life insurance. Click here for more about permanent life insurance including its advantages and disadvantages. A permanent life insurance policy remains in effect for the life of the insured, with premium payments being made for the same period. Permanent insurance consists of a premium and a cash value or savings component. Like term life insurance, it pays off in the event of your death, but unlike a term life policy, it operates differently. The premiums for a permanent policy are nearly five to ten times the amount of the term life rates. A portion of these premiums go into the cash value element of the policy, and over time, these savings can grow. As the name implies, permanent life insurance is permanent - the policy is applicable for your entire life as long as you keep paying the premiums. The most common permanent life insurance policies are whole life and universal life insurance.


What is the difference between term and whole life insurance?

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What type of insurance replaces income if you a long illness or injury and cannot work?

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What is a universal life insurance policy?

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What is a life insurance policy?

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Can you repay a loan with a partial surrender on a life insurance policy?

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