WHAT’S THE DIFFERENCE BETWEEN TERM AND WHOLE LIFE INSURANCE?

Whole life insurance can give you lifelong coverage and provide extra support during retirement. Term life insurance covers you for a shorter period, but it’s cheaper and simpler. After you’re gone, your family can use the proceeds from either type of policy to cover funeral costs, mortgage payments, college tuition and other expenses.

While the death benefits of whole and term life can be similar, there are key differences between these two popular types of life insurance.

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