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What it is Life Insurance?
It's a policy that covers expenses in the unfortunate event that you were to pass away. With Life insurance, your dependents would be covered with your expenses in the midst of your passing
Term life insurance is simple in that it only pays benefits if the person insured dies during the terms of the policy. (And it should be noted that term-life policies can range anywhere from one to thirty years.) So, if you were to pass away during the agreed-upon time range for the policy, your beneficiaries would receive the agreed-upon financial amount.
Whole life insurance policies usually last for the entirety of your life. (They last for your “whole life,” in other words.) And you typically pay the same premium for as long as you have the policy. Second, Whole Life policies have cash value. Meaning, you can actually benefit from the policy without dying. You can withdraw some or all of the cash value, and even use it as collateral to borrow money.