Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for regularly-due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit and living benefits. In the savings component, interest may accumulate on a tax-free basis.
An annuity is an investment option that can provide income for an individual or their spouse throughout their retirement. They are purchased for a set period and payout a specific amount in retirement based on the investment strategy and amount invested.
Term insurance is a type of life insurance policy that provides coverage for a specific period, or "term," such as 10, 20, or 30 years. If the insured person dies during the term, the policy pays out a death benefit to the beneficiaries. If the insured person survives the term, the policy typically expires without any payout, although so
Term insurance is a type of life insurance policy that provides coverage for a specific period, or "term," such as 10, 20, or 30 years. If the insured person dies during the term, the policy pays out a death benefit to the beneficiaries. If the insured person survives the term, the policy typically expires without any payout, although some policies offer options to renew or convert to permanent life insurance.
Final expense life insurance, sometimes called funeral expense insurance or burial insurance, is a limited, inexpensive policy designed to cover all of the costs associated with someone's passing.
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