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Whole life vs. Term life

Just like a new car, life insurance comes in many different colors, different plans and with different features, depending on the policy you buy.

Buying Whole life insurance is like buying a car. It is all yours to keep with no expiration date. It is an investment, and it’s worth its heavy price.

Whole life covers you for your entire life. The money you invest is cash within the policy, and it allows you to retrieve the money at a later time. You can choose to leave it in the policy for your loved ones or it can be used during your life.

Term Life insurance is like leasing a car. It is cheaper but it only lasts for as long as it’s contracted for.

Life is expensive. Many young, healthy and employed people are raising families and buying houses. They need an insurance policy in order to pay for the present expenses. As time passes, age increases and expenses decreases. Term life insurance is their best choice as it covers them only for a certain amount of years. They often choose to buy a policy for as many years as their expenses will last. If they livelong enough to see their contract expire, there is no death benefit nor cash value left in the policy.

And yes, Life insurance is like a car. For as long as the tank is full, it can take you very far.

We are here to assist you with all your insurance questions, feel free to contact us.

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