What is the Difference Between Term and Whole Life Insurance?

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Now, let's look at the two main insurance options: term life and whole life insurance. We will examine the pros and cons and the difference between term and whole life insurance policies.

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What Is Life Insurance and How Does It Work? Life insurance provides financial protection by protecting your lost income if you die unexpectedly.

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Difference Between Term and Whole Life Insurance

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It is particularly important to have a life insurance policy when you have family members that depend on your income.

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A beneficiary is the individual or individuals that you choose to receive the death benefit, such as a spouse or children.

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Term life insurance provides a death benefit to your chosen beneficiaries if you were to pass away in a given period.

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To secure a term life insurance policy, you will want to research the best life insurance companies for your particular needs.

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This application will ask for proof of income, a release of health records from your doctor, and a series of general questions in your application about your age, income, marital status, health conditions, and hobbies.

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