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Term Life Insurance provides coverage for a specified period of time, which allows you to meet your anticipated responsibilities to the ones depending on you. Term Life is an affordable way to gain maximum coverage, but does not build equity and can become expensive after the specified period. |
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Whole Life provides protection your entire life, as long as premiums are paid, and can build equity in the form of cash value. It offers more flexible and variable options over Term Life. With initial premiums being higher than Term Life, Whole Life usually becomes more cost-effective in the end. |
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