Term life insurance pays your beneficiaries a pre-set amount of money in the event of your death. Term insurance overage is only good for a limited length of time, usually 10, 20 or 30 years.
Permanent life insurance lasts your entire life and accumulates cash value for you.
Common types of permanent Life insurance policies are Whole Life and Universal Life Insurance.
You (the policy owner) can use the cash value account to pay policy premiums or as a source to borrow or withdraw funds any time.
Final expense insurance is used to pay for end-of-life expenses like funeral costs and medical care. The coverage is significantly less than normal life insurance policies.
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