Life insurance is the most effective way to ensure your family is financially secure when you pass away. Without life insurance, your loved ones may face financial trouble, be unable to access funds, or be left without the support of a breadwinner.

Life insurance policies are available in two basic types: term and whole life. Term insurance is very affordable but does not build equity. It provides insurance for a certain period of time or a specified “term” of years. Whole life insurance, often called “permanent” or “universal” insurance, guarantees an eventual payout. Whole life policies have higher premiums but have the advantage of accumulating value over time.

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