What’s The Difference Between Whole Life And Term Insurance?
Posted by: From Arkansas in Odds And Ends on Jul 14 2007
Welcome back!
Did you ever wonder what the difference between whole life insurance and term life insurance was? I have. It isn’t something I think about a whole lot even though I am at the ripe young age of 60 years. We do not dwell on the possibilities there.
On the other hand, most people want to have a good support in case something happens to a family member. So, I looked up the definitions of each one of these. Whole life insurance covers a person for life with huge premiums at first but they have a level cost. The cash value of it builds up over time and taxes are friendly too. You can get low cost loans on the policy. The end result is a lifetime coverage. The term insurance has really low premiums to start with but get big after a while. For a short term situation, this one is great.
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