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What Kind of Life Insuarnce?
There are two basic types of life insurance: term and permanent. Each should be considered carefully to determine which best fits your individual needs.
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Advantages of Term
- Lower cost protection in early years
- Customized for coverage to last for a specific number of years
- The option to exchange the policy for permanent coverage without having to show evidence of good health.
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Advantages of Permanent
- Lower cost in later years
- Permanent protection
- Level premiums
- Accumulation of cash for emergencies, college education, retirement supplement
- Tax-deferred wealth accumulation
- Tax-Free income distribution
- Flexibility
- Coverage without paying premiums by using various options
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Disadvantages of Term
- Higher cost protection in later years
- Increasing premiums
- No equity or cash value savings
- Failure to pay premiums ends coverage
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Disadvantages of Permanent
- Higher initial cost
- Future dividends and current interest rates not guaranteed
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