(PRWEB) August 17, 2013
Whole life insurance provides coverage for as long as the owner lives. This type of policy is quite flexible and has additional advantages like the final expense component. In this way clients can decide how much of their savings will be dedicated for the purpose of paying for the funeral costs.
The second type of life contract, term life insurance provides coverage only for a limited amount of time that is established between the insurer and the insured person at the moment when the policy is issued. After that the insured person can decide if he or she wants to renew the contract.
A good benefit of term life insurance is the cheap value of premiums! This insurance is mainly purchased by people that are still working or are suffering of a disease and are under medical treatment.
Many clients want to be sure that in case they suddenly die, their families will receive sufficient funds as compensation for their loss. People can purchase term life insurance if they think they will get sick or die in the near future.
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