Life Insurance – Whole Life Insurance
Depending on the insurance company some whole life policies require you to pay premiums throughout your lifetime while other whole life insurance policies only require you to pay a premium over a certain number of years.
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The actual insurance cash value that is built up is different from face value amount, the amount that is paid at death. To have access to the cash savings value you have to either take a loan out against the policy or cash the policy in and collect the cash value that has built up.
While the cost of whole life insurance is more than term life insurance the premiums you pay for a whole life insurance policy doesn't change over the your lifetime. Whole life insurance is also known as straight life insurance, ordinary life insurance or traditional permanent insurance.
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