Whole life insurance offers permanent, lifetime coverage. Your premiums do not increase over time and your coverage begins to build cash value after the first year. You can borrow against this cash value by taking a policy loan. For people who want permanent protection, whole life insurance can be a good choice.

Term life insurance is straightforward protection that covers you for a set period of time which is the term. It can be one of the most affordable ways to buy life insurance.

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