![]() The longer the term length you choose, the higher your life insurance quotes. ![]() The insurer will pay a death benefit only if you die while coverage is in force. During this time period your premiums will stay level. ![]() Term life insurance lets you lock in a rate for the level term period-typically 5, 10, 15, 20, 25 or 30 years. So it’s important to understand what each type offers before making a choice. And there are a variety of options for permanent life insurance. There are two primary types of life insurance policies: term life insurance and permanent life insurance. This strategy typically makes sense only for high-income individuals who have maxed out other retirement accounts. A cash value life insurance policy can build up money that you can access in retirement. You may need life insurance if you’re looking for a way to supplement retirement income. Or it can be a way to leave a legacy because you can donate your life insurance to charity, organization or cause that is important to you. You might also need life insurance if you want to leave an inheritance to your children without having to worry about saving a large sum to pass on.
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