There are two types of life insurance that can be provided by insurance companies: term life insurance and permanent life insurance. Term life is less costly but only provides coverage for a fixed term, ranging 5 to 30 years. Once the term is over, the individual is no longer covered and beneficiaries receive zero sum if they pass. While it is a fixed term, it is a viable option for individuals who only need temporary coverage. Permanent life insurance has no expiry date. While not all permanent life insurance is similar, depending on the state you live in and the insurer, they can provide a cash value feature, which is accumulated over the individual’s lifetime.
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