Term life is an inexpensive level premium life insurance policy designed to last for a specific amount of time, like 10, 20 or 30 years. Needs change over time and there are many reasons why the life insurance you purchase today may not be needed in its entirety later in life. Whole life is a form of permanent life insurance priced to last throughout the life expectancy of the policyholder. The higher premiums paid in the early years are saved as cash values which are used to help pay the costs of insurance later in life.

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