While there are many types of life insurance products on the market today, they all fall into two basic categories – term and permanent.
Term Life Insurance
Term is the most basic type of life insurance product you can buy. It provides affordable level rate protection for a specified period of time. Term life insurance provides the greatest amount of protection for the money you have to spend. Because of this most financial experts recommend term life for replacing income and other short term needs over other types of life insurance products.
Permanent Life Insurance
The most well known form of permanent life insurance is
whole life insurance. It provides dependable financial protection for as long as you live and at rates that will never go up. Because of this most financial experts recommend whole life insurance for funeral expenses and other more long term needs. Another important benefit of whole life insurance is the cash value that accumulates over the life of the policy. You can borrow those cash values and use the money any way you see fit.
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