Whole life insurance6/7/2023 ![]() Ask your advisor when considering options for life insurance. Sometimes, it is possible to convert a term life policy into a whole life policy, but it depends on the insurance provider and their terms and conditions. Term policies pay death benefits to your beneficiaries if you die during the period covered by the policy. ![]() Once the term runs out, you’ll have the option to continue coverage, but at a higher premium. Most insurance companies offer policies in increments of 5 or 10 years, so you can get coverage for 5, 10, 20 or 30 years, for example. With this option, your insurance premiums last for as long as the term you select - this can be for as little as one year and up to 30 years. Read on to find out which may be right for you. ![]() Some types of permanent life insurance policies accumulate cash value.Įach plan type may have pros and cons depending on your needs. Term life insurance offers protection for your loved ones for a specified period of time and often supplements a permanent plan. Whole life insurance policies (also called permanent policies) do not expire - they are intended to provide protection for your entire life. But it can be confusing choosing between the two types, term life insurance and whole life insurance. Having a life insurance plan is critical to provide your family peace of mind and a financial safety net.
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