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The Difference between Term Life Insurance and Whole Life Insurance

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An insurance professional, George Argyros Jr. serves as the president of the Elite Financial Group, LLC, in Newport Beach, California. George Argyros Jr. helps clients obtain life insurance policies that meet their needs and protect their families.

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The Difference between Term Life Insurance and Whole Life Insurance

  1. 1. By George Argyros Jr.
  2. 2.  An insurance professional, George Argyros Jr. serves as the president of the Elite Financial Group, LLC, in Newport Beach, California. George Argyros Jr. helps clients obtain life insurance policies that meet their needs and protect their families. When purchasing life insurance, you should know the difference between term life insurance and whole life insurance. Term insurance is an affordable policy that requires you to select a specific period of time in which you want coverage. Timeframes typically range from five to 30 years. During the lifetime of a policy, the premium does not change. However, once it expires, a new term life insurance plan may cost more. This type of insurance does not have a cash value that allows you to withdraw money.
  3. 3.  However, if you pass away during a policy period, your beneficiaries receive full death benefits. Whole life insurance, also known as permanent or cash life insurance, covers your entire life. It is available in three forms, traditional, universal, and variable universal. Whole life insurance has higher rates than term insurance but functions as a savings account because it has a cash value that gives you the option of borrowing funds against it. This money can be used to pay policy premiums or to increase death benefits for beneficiaries after a certain period of time. Your premium never changes, no matter your age, as long as premium payments are made.

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