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4. Leave Memories, Not Bills — Term Vs. Whole Life Insurance

Term vs. whole life insurance. In short, “term” lasts for a specific period of time, say 30 years. It’s less expensive and has no cash value. Whole life is permanent protection. It lasts your whole life, so your beneficiaries are guaranteed a payout when you die. It costs more, but it also builds cash value, so you can access it while you’re still alive. Many people switch from term to whole life as they move into retirement age.

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