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What Type is Right for Me?
There are many kinds of life insurance, but generally fall into two categories: term insurance and permanent insurance:
Term Insurance:
the most affordable type of insurance when initially purchased, is designed to meet
temporary
needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during that term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
Permanent Insurance
, by contrast, provides lifelong protection. As long as you pay the premiums and no loans, withdrawals, or surrenders are taken, the full amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
The kind of coverage that’s right for you depends on your unique circumstances and financial goals. Often a combination of term and permanent insurance is the right solution.
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