Whole life insurance is a type of permanent life insurance (also called cash value life insurance), which is one of the two major categories of life insurance. (The second major category is term life insurance).
The biggest difference between these two categories is that term life insurance ends after a set number of years; it offers a death benefit and nothing more. Permanent policies like whole life insurance, on the other hand, cost more because they include an extra savings component, which is referred to as the “cash value.”
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