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Whole Life Insurance

Features of whole life insurance:
  • Covers you for life

  • Provides death benefits as well as a cash value accumulation that builds during the life of the policy

  • You typically must qualify with a health examination

  • Can be purchased without a medical exam, but at a higher cost

  • Takes 12 to 15 years to build up a decent cash value

  • Can be a good choice for estate planning

  • Cash value is based on how much the return on investment is worth

  • A portion of the cash value can be withdrawn or borrowed during the life of the policy

  • Initially has more expensive premiums than term life insurance, but can potentially save you money over the life of the policy if in force for a considerable number of years

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