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Life Insurance

 

Whole Life Insurance
 
Whole Life Insurance provides coverage for an individual's whole life, rather than a specified term. This type of insurance has a savings component, called cash value which builds over time and can be used for wealth accumulation. The insurance company essentially makes all of the decisions regarding the policy. Regular premiums pay both insurance costs and cause equity to accrue in a savings account. A fixed death benefit is paid to the beneficiary along with the balance of the savings account. Premiums are fixed throughout the life of the policy even though the breakdown between insurance and savings swings toward the insurance over time. The insurance company will invest money primarily in fixed-income investments.
 
 
 
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