Whole Life Insurance
Unlike term life insurance, whole of life insurance will pay out a cash sum to your loved ones when you die, regardless of how old you are when that happens.
How does whole of life insurance work?
Whole of life insurance essentially covers you for your entire life, which means that your family will receive a lump sum no matter when you die. Due to it definitely paying out at some point in the future, whole of life insurance is usually more expensive than term life insurance. As such, you need to ensure that you can afford the monthly premiums for the rest of your life (or until an age specified by the policy), including during retirement, otherwise the policy will become null and void.
The different types of whole of life insurance
Whole of life insurance policies come in two main types:
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