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Term life insurance
Term life insurance is generally the most affordable and least complicated type of life insurance. Term policies provide life insurance only for a limited period of time, or a "term." Premium payments for the coverage you choose may remain constant or increase gradually throughout that period.
When a term ends, you may convert it to whole life insurance, even if your health has made it impossible to otherwise obtain other coverage. Term insurance does not include the savings features of whole/permanent insurance.
This type of insurance is especially useful for young, growing families with limited incomes and high insurance needs, as well as for circumstances where a need will decline over time, such as paying for education or a home mortgage.
Whole life/permanent insurance
Whole life/permanent insurance is designed to stay in force throughout your life, providing protection for your family as well as the means to provide cash values for goals like education and retirement.
Premiums for whole life/permanent insurance are set for life and the policy's cash value builds as premiums are paid. You may borrow against this value at attractive rates.