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Which life insurance policy is right for me?

Types of life insurance

Term Life Insurance

A term life insurance policy covers you for a set period of time, usually during your working years. Its primary purpose is to replace your loss of income and cover your dependents’ living expenses if you pass away during the period of time you are insured.  

Permanent Life Insurance

A permanent life insurance policy covers your whole life and will not expire. Because permanent policies cover the duration of your life, premiums are usually more expensive than for a term life policy, however, permanent life insurance policies accrue a cash value that you can borrow tax-free later. 

What's the difference between whole life and final expense insurance?

Both final expense and whole life insurance fall into the permanent life insurance category. This means that the benefits never expire and build a cash value. However, these policies differ in a few ways: 

  • Purpose – One of the primary reasons for a whole life policy is wealth transfer while final expense policies are meant to specifically cover end-of-life costs.
  • Death benefit – Whole life policies typically have a significant death benefit while the average final expense policy usually maxes out at around $20,000.
  • Premium cost – Since final expense insurance has a lower death benefit, its premiums are often less expensive than whole life policy premiums.
  • Medical exam requirement – Final expense policies do not require a medical exam, making them accessible to a wider range of people than whole life insurance. 
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Which life insurance policy is right for me?

Permanent vs. Term

The main difference between permanent and term life insurance is the duration of the coverage. If your primary reason for getting life insurance is to help cover the costs of those who rely on your income, term life insurance would likely be the right fit. However, if you want to ensure your beneficiaries receive a payout regardless of when you pass or if you would like your policy to grow in cash value, permanent life insurance might be a better fit.

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