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Life insurance pays a specified sum to the beneficiaries upon the death of the insured. It is generally used to provide cash to your family in the event of your death. There are several types of life insurance policies. The most common types are whole life insurance and term life insurance. Whole life insurance provides a lifetime of protection as long as you pay the premiums to keep the policy active. They also accrue a cash value and thus offer a savings component. Term life insurance provides protection only during the term of the policy and the policies are usually renewable at the end of the term.
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