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Term- Coverage for a specified amount of time. The
amount of coverage stays the same however, the premiums
increase and the policy has no cash value at all. Some term
life insurance policies can be renewed or even converted to
a whole life or permanent policy.
Whole Life- The policy has a constant or level premium
and the amount of coverage also stays the same. These
policies have a cash value and the amount of the cash value
is determined by the performance of the insurance company's
asset account portfolio. This is the most recommended
coverage for long term obligations.
Single Premium Whole Life- Premium payment is made in
one lump sum, policy has cash value and the coverage stays
the same. These policies produce excellent returns and are
often used to pay estate taxes.
Make the agent explain certain areas you need to evaluate
more. Also have the agent make recommendation and listen
their experience. Our agents always give great advice
because they have proven themselves and they meet our
requirements.
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