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What is the main difference between whole life insurance and term life insurance?

asked
User Iam Zesh
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2 Answers

3 votes

Answer: Term life insurance has no cash value at the end of the term it's bought for.

answered
User Sam Mason
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8.5k points
5 votes

Whole life insurance is a type of program that you pay for your "whole life." The premiums tend to stay level on whole life policies.

On the other hand, term life insurance gradually gets more expensive as you get older. Term life insurance is simply the pure cost of insurance with no savings element.

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User Aclima
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