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Whole Life Insurance
Whole Life Insurance provides coverage for as long as you live and as long as you pay your premiums. The premiums usually remain constant, which means that premiums may be considerably higher than you would pay for term insurance when you first open the policy, but will also be proportionately smaller than an equivalent term policy in later years. Some Whole Life policies give you the option to pay premiums for a shorter period, such as 20 years, or until you reach age 65. Premiums for this type of policy are generally higher since the payments are made over a shorter period of time.
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