Whole Life Insurance

Whole life insurance, also known as permanent life insurance, provides lifelong coverage for your entire lifetime. This type of policy guarantees a fixed death benefit and a cash value component that accumulates over time.

Pros:

Lifelong coverage with no expiration date

Fixed premiums remain the same throughout your lifetime

Cash value component grows over time

Cons:

More expensive than term life insurance

Limited investment options for cash value growth

Potential for lower death benefits due to policy loans or withdrawals

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