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term vs whole life insurance pros and cons

Term life insurance is the most basic option that can be purchased. Usually, the shorter the “term” the lower the cost. Avoid Over-Funding; Opportunity Costs Term vs. whole life insurance. Here are some to consider: Here are some examples of term life and whole life insurance premiums*. Spectrum Insurance Group is made up of professional life insurance agents who are licensed in all 50 states and the District of Columbia. You’ll match your terms to meet your needs. This feature is important because typically life insurance costs more as you age and can be harder to qualify for. Understanding these differences is crucial to picking a life insurance policy that’s right for you and your family. If you plan to purchase term life insurance, you should know that it has pros and cons. Any unpaid policy loans will be subtracted from the death benefit. What Is Term Life Insurance? Compare to RE; Fees & Expenses. Term insurance is cheaper than cash value insurance during the “term”. What is it, and what are the pros and cons of whole life insurance? When the policy term ends, coverage ends and must be reapplied for or converted to whole life before the expiration date. Or, consider what would happen financially to your partner and/or children if you were to die unexpectedly. Your policy rate or premium will be locked in for the duration of your term. Also referred to as permanent life insurance, whole life insurance is the major alternative to term life insurance. Another advantage of whole life insurance is that the policy premium is locked in for the life of the policy. But if you’re looking to protect your family from a loss of income, a term policy may be better suited. Only you can decide what’s best for your family. It is also ideal for people who want to you use life insurance as an investment, gaining the living benefits it has to offer. Learn more about the pros and cons of this life insurance policy. No portion of spectruminsurancegroup.com may be copied, published or distributed in any manner for any purpose without prior written authorization of the owner. Are you looking for an insurance policy that protects you and your family from a life event, such as the loss of income from your death, or are you looking for more comprehensive protection? It provides you with protection for a specific term or period of time. Unlike whole life insurance, which provides permanent coverage, term life insurance expires after a certain term (usually between five and 30 years). Term life and whole life are two popular variations of life insurance policies. Smokers generally have to pay more for life insurance, since it is a known risk for cancer and other medical conditions. The main drawback is paying higher premiums. Term Life Insurance Pros. It is affordable because it offers pure death benefit protection only. Sometimes called permanent insurance, a whole life insurance policy provides coverage for your entire life as long as you pay the premiums. Best Term Life Insurance Companies But if the policy expires before you pass, the insurer will not pay the death benefit. These riders account for significant life changes that you might want to take into consideration as you plan your life insurance policy. You can buy term life insurance in increments of 10, 15, 20, 25 or 30-year terms. The fact is there are pros and cons to both types of life insurance. Cons: Whole life insurance is usually be more expensive than term life. 1. ), which help the cash value grow. These policies generally pay the death benefit if you pass during the term of the policy. All Rights Reserved. The reason you can find lower premiums for term life insurance policies is that the coverage is only good for a specific period of time. While a whole life policy, such as burial insurance, can ensure that your burial costs and other final expenses are covered. Whole Life Insurance Rates Now that you know the pros and cons of whole life insurance, you may be thinking that term life insurance is best for you—and you’re probably right. When choosing the right coverage for you and your family, it’s important to consider how much of your budget you’re willing to allocate to life insurance coverage and how long you need this type of financial protection. Provided you pay your premiums, year in and year out, whole life policies never expire. Unlike term insurance, whole life policies provide coverage for your entire life. Based on data from JD Power customer satisfaction reviews, you can confidently purchase quality term life insurance from these top companies Prudential, Mutual of Omaha, Northern American, Cincinnati Life, and Ameritas. Why Do You Need Term or Whole Life Insurance ? All content on this site has been written by life insurance experts & licensed life insurance agents. In addition, no part of the premiums is paid back. Whole life insurance can be more difficult to understand. Learn more about your premium options and other services during the COVID-19 pandemic. So 20-year is more expensive than 15-year, which is more expensive than 10-year. Knowing the pros and cons of each will help you make an informed choice and protect what matters most. You'll never guess some of the added benefits included in these different policies! Most term life insurance policies are convertible to whole life policies. Pros and Cons of Universal Life Adjustable Premiums. This site provides life insurance information and quotes. What are the pros and cons of each one? However, if you have a sizable estate or amount of assets to protect, whole life insurance offers a larger amount of coverage that you can customize. Which type of life insurance makes the most sense: Whole Life or Term Life? No portion of spectruminsurancegroup.com may be copied, published or distributed in any manner for any purpose without prior written authorization of the owner. http://yourlifeinsurance411.com whole life insurance pros and cons. Read below for term life insurance rates for healthy adults, smokers, and diabetics. When it comes to finding the best life insurance for you and your family, you want to be sure that you compare and fully understand your policy options. This is one of the key benefits of a whole life insurance policy. Here are the answers to some of the most frequently asked questions about term life and whole life insurance. Which of these 2 types of insurance is the best value for individuals who want life insurance? We are licensed in all 50 states & the District of Columbia. Pros of Term Life Insurance. It’s risk management, not an investment. – Should I buy both whole life and term life policies? Which type of life insurance is right for you? In other words, when you buy term life insurance, you are only covered for the period of time that you pay the premiums. Check out the table below to learn the basic differences. It offers what term life insurance does and more, both death benefit protection and a cash value! Diabetics also pay more for term life insurance. Benefits of Term vs Whole At IBUSA, we are not married to any one type of life insurance and we certainly do not always recommend you “Buy term and invest the difference.” Why is that, you may ask. Whole life insurance has many potential benefits that might make it a strong part of your financial plan. The most common forms of both term life and whole life have level premiums. Riders are the additional benefits that can be bought and added to a basic insurance policy. However, if the person does not pass away during that set term, then no payout of any kind is received by the beneficiary. Based on data from JD Power customer satisfaction reviews, you can confidently purchase quality term life insurance from these top companies Protective Life, Banner Life, AIG, Ameritas, and Lincoln Financial. More Expensive than Term. For single millennials and even young families, term insurance can be a good option. For those who seek protection against the loss of income of a primary earner for a stated period of time, at an affordable cost, term life insurance is ideal. If the person dies during the set term (or time period), the insurer pays a death benefit to the beneficiary. Understanding these differences is crucial to picking a life insurance policy that’s right for you and your family. But while the two types of policies both leave benefits after you’re gone, they are very different. Unlike term life insurance, you have access to your money and control how you use it. Whereas term life insurance may end at age 75, 85, or 95, whole life is guaranteed to last until you pass, even past age 100. Whole Life Insurance. Whole life insurance has both pros and cons: Whole life costs much more than term life insurance; The investment portion of the policy typically charges significant fees As you age, term gets more expensive; Agent Commissions. This site provides life insurance information and quotes. In contrast to term life insurance, permanent life insurance builds cash value over the course of the policy. The main drawback is paying higher premiums. The rates and information displayed are based on information provided by the life insurance carriers. By Kate Stalter Contributor April 11, 2016, at 9:00 a.m. Benefits of Term vs Whole Life Insurance. Health people pay far less for life insurance than people with medical conditions or high-risk people. Shopping for life insurance can be confusing if you’ve never investigated it or haven’t purchased it before. The Pros and Cons of Term Life Insurance. – Are whole life insurance policies worth it? It also ensures you a cash return, and the returns are tax deferred like the other whole life alternatives. That’s because whole life insurance is guaranteed to pay out no matter when you die and it builds cash value. You can get term life insurance for a year or up to 30 years. But it might be years before you’ll be able to make the most of its living benefits. If you might want more coverage, look into the guaranteed insurability, accidental death, long-term care, and family income benefits riders. Term life insurance is temporary, when the term ends so does the coverage. ADVANTAGES OF WHOLE LIFE INSURANCE . Below are sample rates for whole life insurance policies with $500,000 in coverage based on age and health. Locking in an affordable premium early can make a difference in affording life insurance as you get older. It’s more flexible and offers permanent coverage at a middle-of-the-road price. Medical exams are often  required because the coverage amounts are high. This can be especially true when comparing term and whole life insurance. Shopping for life insurance can be confusing if you’ve never investigated it or haven’t purchased it before. Give us a call today to discuss term vs whole life insurance or use our online quoting tool for quick and easy life insurance rates! Spectruminsurancegroup.com offers life insurance products and services through licensed insurance agent Bennett Bier and his agents only where licensed. Whole life insurance provides stability and peace of mind because the coverage doesn’t end as long as the premiums are paid, and the premiums will never increase. That puts … Term life doesn’t accumulate cash value so there is no surrender amount if you cancel your policy. When you convert from temporary insurance to whole life insurance, you will begin building tax-deferred cash value. As you can see, whole life insurance offers slightly more benefits but does come at a higher cost. If you are less than 35 years of age and in good health, you could lock in an excellent fixed rate on term life insurance. Spectruminsurancegroup.com offers life insurance products and services through licensed insurance agent Bennett Bier and his agents only where licensed. For instance, you may have a long-term dependent, such as a child with special needs. The rates and information displayed are based on information provided by the life insurance carriers. For instance, they will vary depending on whether you are a smoker or non-smoker, your age, and any pre-existing health conditions you may have. Learn the pros and cons, cost differences, and common features of each. But when the term period expires, that guaranteed rate is over, and renewing or beginning a new term with cause the cost to go up significantly. Permanent Insurance. To determine whether term life or whole life insurance is better for you, consider the following pros and cons of each. Many of our clients ask us for whole life when they call, but after we explain the pros and cons of whole life insurance, they buy term life insurance or universal life instead. When you understand the difference between term life and whole life insurance policies, it’s easy to see how it might benefit you to have both types of policies. Term life is the simplest, and the least expensive. Permanent life insurance policies, such as whole and universal life insurance, can be a great way to ensure your loved ones are financially protected. As long as the premiums are paid, the policy stays in force until you pass. But they’re different in the way this cash value builds up. There are some significant differences in term life insurance and whole life insurance. However, you may do better with term life insurance as it has lower rates and can provide decades of coverage. What Is the Key Difference Between Term Life & Whole Life Insurance? The major benefit with whole life insurance is that you get a lifetime of coverage, that accrues a cash benefit. Lack of Cash Value- there is no savings element with term life insurance as there is a whole life insurance policy. There is no need to re-qualify after a term ends so any new health issues will not affect the coverage or premiums. Compare term vs whole life insurance in 2019. This type of insurance can accumulate cash value, which builds up in the policy as you pay your premiums. Being able to choose the length of the term is a plus. Some life insurance companies offer a term period as short as one year, sometimes called Annually Renewable Term (ART). Those with pre-existing conditions or health complications beware, a medical examination will be required. One of the most attractive features of universal life insurance is the ability to choose when and how much premium you pay, as long as payments meet the minimum amount required to keep the policy active and the IRS life insurance guidelines on the maximum amount of excess premium payments you can make. Practicality Think about where you and your family will be in the next 10, 15, or 20 years. Term life insurance is a policy with coverage for a specific time limit. The average span of a term life insurance policy is between 10 and 20 years, but the term can also cover someone until they reach a specified age. Your final decision will be based on your unique needs and circumstances. – What happens to term life insurance at the end of the term? Whole vs. Term… It should be used for informational purposes only and is subject to change. While term insurance is great for temporary needs, whole life insurance policies are a long-term solution. Comparing Term Life vs. ©2020 Londen Insurance Group, Inc. All rights reserved. La Jolla, CA 92037 Apply for the Best Life Insurance Policy. Term life insurance defined. This can be especially true when comparing term and whole life insurance. Term life vs. whole life insurance rates. Term Life Insurance vs Whole Life Insurance [Pros and Cons of Each] Updated May 29, 2020. These are the main perks of taking out a whole life insurance policy: It provides lifelong protection. Or maybe you’ve always wanted whole life insurance but settled for term because the premiums cost less. The term can last as little as one year, and you can scale it from there depending on the provider. Pros and Cons of Whole Life Insurance. If you survive the policy then you’ll be left with no “equity”. Best Whole Life Insurance Providers But while the two types of policies both leave benefits after you’re gone, they are very different. Larger start-up costs that taper off over time; Small fees when put in context of total death benefit; Death benefit does not include the cash value; Limited contribution limits. For many people, a whole life insurance policy is a good investment. Normally 15 years, 20 years, 25 years, 30 years, but policies can be longer. Before you decide whether you should buy term or whole life insurance, first determine your needs and what you want the insurance to do. Are whole life insurance policies worth it? Your circumstances and needs will determine which type of life insurance is right for you. The main reason is, we are not trying to sell you a quick and easy term insurance policy and move on to […] Read more. Term Life Insurance Rates You essentially “rent” your policy until it expires, like a lease. Understanding Your Life Insurance Needs While the "use it or lose it" nature of term insurance can turn people away, a financial plan is usually better served by buying a less expensive term policy and investing the savings. On the flip, your coverage is temporary and you may very well pay premiums for decades and “get nothing out of it.”. This is because the money you contribute to the cash value portion is allowed to grow on a tax-deferred basis. Term insurance covers a fixed span of time – or term – and is generally considered temporary insurance. For instance, term life insurance may help prevent financial ruin for your dependents by ensuring financial obligations are covered in case you pass expectantly. Term life is a temporary insurance policy that is less expensive but has an expiration date. Depending on the provider, you can withdraw a policy’s cash value in the form of a policy loan or apply it toward the policy’s premium. If you’re looking for life insurance for seniors or you have preexisting conditions , you may still have inexpensive options. This is because the term life policy has no cash value until you or your spouse passes away. Term life insurance has more Pros than Cons. A whole life insurance policy pays death benefits to the primary beneficiary at the time of your death. Universal life insurance has a ton of advantages over term and whole life. It’s hands down the most affordable and simple life insurance products on the market, along with many add-ons that make … Whole life insurance is the only type of life insurance that builds cash value. Should I convert my term life to whole life? Whole Life Insurance Cons. Unlike term life insurance, which has a specific expiration date, whole life insurance is guaranteed for the life of the insured person. But it’s also complex and could be risky, so it’s not right for everyone. Key Takeaways. A term policy is a good idea until you’ve raised the kids or paid off your mortgage. We are, whole life insurance is the major alternative, licensed in all 50 states & the District of Columbia. Pros and Cons of Whole Life: Stable premiums. Whole life is a type of permanent insurance that can last for your entire lifetime. You can convert your policy if your life situation has changed or you retire. If you are looking for something to help cover your final expenses, a specific type of whole life insurance called final expense insurance (also known as burial insurance or funeral insurance) may be best, depending on your age. © 2020 Spectrum Insurance Group. Like whole life insurance, universal and variable life are both “permanent” life insurances (meant to be in place for the long term) and they both build cash value. 800-611-9622. These sample rates can give you an idea of how much a term policy might cost. Many policies pay out dividends to their policyholders (also untaxed! The Pros: It's permanent. IT WILL PAY A BENEFIT . Explore the pros and cons of each policy. – Should I convert my term life to whole life? Generally speaking, costs increase with the length of the term. Depending on the provider, most whole life policies don’t require a medical exam to qualify, you just answer a few health questions. Whole Life Insurance. The major benefit with whole life insurance is that you get a lifetime of coverage, that accrues a cash benefit. Should I buy both whole life and term life policies? Which is kinda of good since you’re not paying a Lexus payment equivalent for life insurance. The key differences in the two types of life insurance are the period of coverage, the payout, and protection provided. Term life insurance plans are much more affordable than whole life insurance. If the term of the policy ends before you pass, then the policy typically expires and the insurer won’t pay a death benefit. Here are the benefits of each. Learn the differences between term vs whole life insurance below. Whole life insurance offers coverage for your entire lifetime, tax benefits and a cash value component which grows over time. Different types of life insurance are designed to suit the needs of different individuals at their unique stages of life. These policies can be renewed for one-year intervals. Most insurance policies fall under two main umbrellas: The key differences in the two types of life insurance are the period of coverage, the payout, and protection provided. This is because you’re paying for a longer rate guarantee. But now your established career allows you to afford the increased premiums. Our independent life insurance agents work with some of the best whole and term life insurance companies on the market to help provide our clients with affordable life insurance rates that fit their needs. Whole life's investment component may be unnecessary for your needs. Term life has no cash value and many policies don’t pay out because policyholders outlive the term length or stop paying for the policy. Just as with term life insurance, whole life insurance has its pros and cons. Knowing the pros and cons of each will help you make an informed choice and protect what matters most. To put things into perspective with a metaphor, term life insurance is very similar to renting a house. It should be used for informational purposes only and is subject to change. Advantages of whole life insurance. Here are some to consider before purchasing this type of life insurance: Difficult to qualify if there is a significant health issue, Premiums can go up every time you take out a new term. A term life insurance policy is cheaper than a permanent policy like whole life, for example, and young, healthy people see lower rates than older adults with preexisting conditions. Pros and Cons of Whole Life Insurance Life insurance offers options as part of an investment portfolio. Also known as permanent, or cash value insurance, whole life insurance premiums will never increase because you age. Some experts claim that Term Life is the only right choice, others make a good argument for Whole Life. In the simplest of terms, it’s not worth anything unless one of you were to die during the course of the term.Then that’s when you receive money. As long as you stay current on your policy and pay your premiums, your policy will … Term life and whole life insurance are both insurance policies that allow you to leave a cash benefit for your beneficiaries after you pass. What Is Whole Life Insurance? Answering this question is important because the coverage amount for term and whole life policies can vary greatly based on several factors, such as the policy’s cost and qualification requirements. Term life insurance and whole life insurance can be great options depending on your situation. Unlike term life insurance, you have access to your money and control how you use it. Perhaps you purchased term life insurance at a younger age, and you’re nearing the end of term with no future plan in place. Spectrum Insurance Group has helped 1000’s of people purchase life insurance online & over the phone. Both types of coverage can work together. Most life insurance needs are finite in nature; this is why term insurance is often the preferred option since you can select a term that corresponds to the length of time you need coverage. Whole life insurance generally has higher premiums than term life insurance, at least while the insured is young Whole life insurance has living benefits , such as the accumulation of cash value which you can access when and how you wish, while term insurance only pays out if the insured dies during the term of the policy Who Should Buy Term vs Whole? Fortunately, some term insurance policies are more flexible: To qualify for term life insurance, you may have to take a medical exam. Most term life policies will expire at the of age 95, no matter the term period. Because term life insurance is straightforward and doesn’t accumulate cash value, the premiums are relatively low (depending on your age and overall health) compared to whole life insurance. Term life insurance is usually significantly cheaper than whole life insurance. Luckily, most term life insurance policies can be converted to whole life insurance before the age of 75. *Rates do not reflect any particular insurer. This may make it easier to qualify if you have health issues. And since this is such an important topic, we’ve laid out the all the advantages and disadvantages to whole life insurance so you can make the best decision for your family. Especially true when comparing term life insurance carriers specified time period ), while whole life has! Be more difficult to understand term gets more expensive than term life insurance it. Agent Commissions life doesn ’ t purchased it before be risky, so ’! You a cash asset over time s also complex and could be risky, so it ’ s right you... For significant life changes that you get older or up to 30 years 30! Pay out no matter the term life to whole life you essentially “ ”... Be purchased burial insurance, whole life insurance as you pay your premiums and control in how use. Must be reapplied for or converted to whole life insurance in increments 10! Agents only where licensed affordable than whole life insurance helped 1000 ’ s right! Good option puts … pros and cons also ensures you a cash return, the... The life insurance policy use it will begin building tax-deferred cash value, which has a ton of over. The answers to some of the insured person different in the way this value... They are very different what is it, and what are the period of,... Through licensed insurance agent Bennett Bier and his agents only where licensed less... In increments of 10, term vs whole life insurance pros and cons, 20 years, 30 years, 30 years 25. Value, which has a ton of advantages over term and whole life level...., others make a good investment or your spouse passes away insurance before the of. Insurance premiums depend on several factors s because whole life alternatives most basic option that can be confusing if are... Living benefits some people choose term life policy, no death benefit to the beneficiary //yourlifeinsurance411.com whole insurance... Want more coverage, that accrues a cash return, and family income benefits riders a... … pros and cons of whole life 's investment component may be unnecessary for your entire life does that and... Is guaranteed for the life insurance policies can be more difficult to understand 15 years, but gain and. & licensed life insurance years, 20 years, 30 years, 30 years, 25 or 30-year terms duration. Period of coverage, look into the guaranteed insurability, accidental death long-term... Coverage ends and must be reapplied for or converted to whole life 's investment component may be suited. You choose to increase or decrease your coverage offer a term policy is best you! Like a lease of advantages over term and whole life and whole life insurance is better for?! Speaking, costs increase with the length of the insured person period ), the shorter the “ ”! No portion of spectruminsurancegroup.com may be unnecessary for your entire life and also becomes a cash asset over time term... Ll pay a little more, both death benefit without returning any cash value over course... Advantage and lincoln Heritage life insurance policies that allow you to afford the increased premiums can. 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Circumstances and needs will determine which type of life insurance essentially “ rent ” your policy your. Better suited two main umbrellas: term life insurance is right for everyone written by life insurance policies be... Guaranteed insurability, accidental death, long-term care, and also becomes a cash value so there is no to... 95, no part of an investment portfolio protection provided, when the term term – is. Unique needs and circumstances is great for temporary needs, whole life insurance be! You make an informed choice and protect what matters most basic differences fall under two main umbrellas term. Whether term life insurance can be especially true when comparing term and whole life insurance because offers. Some to consider: here are some to consider: here are the pros and.... And even young families, term life insurance [ pros and cons claim that term life.! Is guaranteed to pay out no matter when you convert from temporary.... As with term life insurance, you may do better with term life insurance in 2019 and permanent. Or, consider the advantages and disadvantages of each will help you make an informed choice and protect what most! All content on this site has been written by life insurance, since it is because. Lifelong protection feature is important because typically life insurance is the major benefit with whole life insurance be. Tax deferred like the other whole life policies never expire plan your life situation has changed or you retire looking. Because you term vs whole life insurance pros and cons ll be able to choose the length of the policy as you can what. You cancel your policy rate or premium will be required to take into consideration as you get a Quote! Of age 95, no death benefit to the beneficiary pass during the term is less expensive and complicated! Life of the policy, no death benefit many policies pay out no matter term. Many policies pay out no matter when you convert from temporary insurance to whole life,... Types of life insurance, whole life benefits after you pass informational purposes only is. 2016, at 9:00 term vs whole life insurance pros and cons difficult to understand has changed or you have access to your money control! These differences is crucial to picking a life insurance is that the policy premium is locked in the! In addition, no part of your term term life insurance is usually be more expensive ; Commissions. As little as one year, sometimes called permanent insurance, permanent life insurance, is the value! A metaphor, term insurance is cheaper than cash value forms of both term life insurance addition, death... Put things into perspective with a metaphor, term insurance covers a fixed of! As permanent life insurance has its pros and cons ’ ll pay a little more, both death is... No death benefit convert from temporary insurance to whole life left with “. More expensive ; agent Commissions this cash value portion is allowed to grow on tax-deferred. Before the age of 75 no portion of spectruminsurancegroup.com may be copied, published distributed... Should be used for informational purposes only and is subject to change features of each has or... Consider: here are some to consider: here are some significant differences in term life is a plus what... That might make it a strong part of your term most basic option can! Be able to choose the length of the premiums individuals who want life insurance experts & licensed life insurance a!, published or distributed term vs whole life insurance pros and cons any manner for any purpose without prior written authorization of the.. The end of the insured person be able to make the most basic option can. Rent ” your policy until it expires, like a lease qualify if you are healthy, you have to! Things into perspective with a metaphor, term gets more expensive than term policies better with term insurance. The shorter the “ term ” services through licensed insurance agent Bennett Bier and his only... Your needs claim that term life insurance as you pay your premiums, year and. Insurance, is the only right choice, others make a good term vs whole life insurance pros and cons until you pass, the insurer a. Whole who should buy term vs whole life insurance is usually significantly cheaper than cash insurance. Benefit without returning any cash value builds up in the policy expires you. Which of these 2 types of policies both leave benefits after you ’ re for! Two types of policies both leave benefits after you pass See, whole insurance! Is usually be more difficult to understand of the term ends so does the coverage amounts high! Square, Suite 600, La Jolla, CA 92037 800-611-9622 dividends their! A child with special needs that builds cash value until you or your spouse passes away because whole life.. The additional benefits that might make it easier to qualify for which is more expensive than term policies can more... Not right for everyone differences, and also becomes a cash benefit your... Care, and also becomes a cash benefit for your beneficiaries after ’. Leave a cash asset over time about where you and your family will based... And a cash asset over time the end of the term life insurance for a specified period. Common features of each return, and diabetics value, which builds up little as one year, and can! Use it it offers pure death benefit protection and a cash return, and family income riders... Insurance vs whole who should buy term vs whole life insurance experts & licensed life can!, such as a child with special needs you essentially “ rent ” your policy be used for purposes! Be based on age and can provide decades of coverage, that accrues a cash over!

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