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4. Insights into Insurance — What is whole life insurance?

What is whole life insurance? Whole life insurance is coverage you can own for your entire lifetime. As renewal premiums are paid, your insurance policy accumulates equity (called cash value) that gives you added money you can use in an emergency (borrowing money from your insurance is called a policy loan).

Because whole life insurance can offer permanent protection, it can be there through all stages of life.

What is the benefit of whole life insurance over term life insurance? Along with offering permanent protection and the safety net of cash value, whole life insurance normally has no renewal rate increases, which can make it easier to budget.

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