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No one like to think about life insurance, but it is an crucial part of your financial planning. Many assume they don't need it and leave their family to face the consequences. Everyone should be prepared for the future and they should know all the facts about their many options when it comes to life insurance. We make it easy to find which plan is right for you. There are many types of life insurance for you to choose from. Term insurance, also called temporary insurance, covers a person against death for a limited time, the term. For example, the term might be until children are grown, or until college is paid for, or until retirement. You pay for the coverage period and at the end of the term the contract, or policy, expires. If no claims are made against the policy during the term, you don't receive any benefits after the policy expires, just like auto or homeowners insurance. Whole Life insurance, also called permanent insurance, is permanent and does not expire (as long as you continue to pay the premiums of course). It provides coverage similar to term insurance, but it also provides an investment vehicle. A portion of the premium goes toward insuring your life while the other goes toward an investment account. This investment account can be either an interest bearing account or a stocks and bonds |