What exactly is Whole Life Insurance?
Whole Life Insurance differs considerably from Term Life Insurance in that it guarantees to pay out the insured person's insurance money whenever they die, no matter when that happens.
If the insured person dies suddenly within just a few months of taking out the policy the insurance company will pay out. If they don't die for another eighty plus years, their beneficiaries will still receive their funds.
Usually whole life insurance policies grow in value in the later years and this provides the final death payment.
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