Whole life insurance is a permanent life insurance product. What does that mean?
When you purchase a whole life insurance policy that policy is guaranteed for as long as you can pay the premiums. In addition whole life has a cash account that grows at a pre-determined fixed rate.
Term life insurance is very simple. Pick a death benefit. Pick the number of years you would like coverage. The insurance carrier provides you with a premium based on your health. You pay the premium each year you have insurance until the policy runs out.
In determining the correct amount of life insurance it is important to consult a professional that will help you determine your personal and unique needs.
Watch this video “What is the difference between Whole Life and Term Life Insurance?” for more details:
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This is video #56 of a one hundred insurance video series that The Murray Group is producing to provide insurance consumers with quick, valuable answers to their everyday insurance questions.
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created by Ryan Hanley