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Whether you prefer term or whole life insurance will depend on many factors. Find out how these types of life insurance differ and what each option entails.
Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [1]
Whole life insurance offers permanent coverage, while term life insurance offers temporary coverage. As long as premiums are paid and the terms of the policy are met, the whole life policy will ...
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting.
Pros and cons of converting term to whole life insurance. Converting your term life insurance into a whole life policy can open up new possibilities for long-term coverage, but it’s not a one ...
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
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