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| Term Life Insurance vs Whole Life Insurance |
Very many people have a difficult time knowing the process of choosing life insurance. At times, you are overwhelmed with several accessible options which often leaves you confused as to which one to follow. The pursuit for the perfect life policy begins with a single decision. When you decide on life insurance, you have to choose both: term vs. whole life insurance.
In the challenge between cheap term life insurance vs. Lifetime insurance rates, exact terms of the winner when mentioning the premium. A no-questions-asked lifetime policy is more affordable when compared to a lifetime. Term insurance plans follow the normal approach, therefore they are less expensive. At the start of the policy, you agree to the premium, terms and even the death benefit.
You pay a premium over the term. If you die during that time, your beneficiary gets the death benefit according to your policy. In the event that you suddenly die or have a fatal incident, your beneficiary is denied any benefit from the plan. If you just want the cheapest possible coverage for your family, this may be the insurance for you.
However, many people feel that everything that is cheap is not necessarily good. They back down from the idea of paying this premium and end up getting nothing because they didn't die. Apparently, your money is just wasted. For these people, a lifetime policy is better in terms vs. lifetime insurance.
You get the feature of investing in a whole life insurance plan. The premium amount is used in stocks, bonds and many other monetary products. Dividends derived from such investments are used to pay the beneficiary's death benefit in the event of death. This policy will be suitable if you cannot live with the concept of "throwing money away" with term life.
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