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Life Insurance Companies and Term vs. Whole Policies

There are more options available with life insurance than you might initially think. Most assume they will be required to pay for a whole life insurance policy. That means they acquire one policy that will cover then for the entirety of their life. Subsequently, they would also have to pay the monthly premiums on the policy month to month without any reprieve. This is not the only option. Term life insurance is also available and all reputable life insurance companies will offer it. Term life insurance is, not surprisingly, a form of insurance that is covered for a set amount of time. For example, the policy could be purchased for a term of 15 years. Each year, the amount of money paid on the premium will decrease until it expires. After the expiration date, the holder of the policy can make a determination as to whether or not it would be rise to acquire a new policy. For some, there ,may be a decision to do so. Others may opt to simply move on and not be concerned about procuring life insurance anymore. Personal circumstances will dictate such a determination. Which is better, whole or term? The answer to that is based on a variety of factors and from person to person.

Posted by Jessie Milam on June 2nd, 2013 :: Filed under Life Insurance Information
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