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Evaluating Different Types of Life Insurance
When choosing a life insurance policy, it's important to understand the different types available. Term life insurance is often the most affordable option, providing coverage for a specific period, usually 10, 20, or 30 years. This can be a cost-effective choice if you're looking to ensure financial security for your family without a long-term commitment.
On the other hand, whole life insurance offers lifelong coverage and includes a savings component known as cash value. While more expensive, it can be a valuable investment if you're seeking both protection and savings growth3.