- Port Saint Lucie, FL
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Whole life insurance is a type of permanent life insurance that provides coverage for the policyholder’s entire life. Premiums for whole life insurance policies are typically higher than those for term life insurance policies, but they remain level for the life of the policy. In addition to the death benefit, whole life insurance policies also have a cash value component that grows over time. The policyholder can access this cash value through loans or withdrawals, and it can also be used to pay premiums.
Term life insurance, on the other hand, is a type of life insurance that provides coverage for a specified period of time, such as 10, 20, or 30 years. Premiums for term life insurance policies are typically lower than those for whole life insurance policies, but they increase over time as the policyholder ages. Term life insurance policies do not have a cash value component, so once the policy term ends, the coverage ends as well.
At Mandelah Financial, our team of experienced financial advisors can help you understand the different types of life insurance policies and determine which one is the best fit for your unique situation.
