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Term Life Insurance is a type of life insurance that provides coverage for a specific period, known as the term. It offers pure death benefit protection without any cash value accumulation. If the insured individual passes away during the term of the policy, the beneficiaries receive the death benefit payout.
Whole life insurance offers lifetime coverage, ensuring that your beneficiaries will receive the death benefit payout regardless of when you pass away, as long as premiums are paid. Whole life insurance policies typically have fixed premiums that remain level for the duration of the policy.
Whole life insurance policies accumulate cash value over time, which grows at a guaranteed rate of interest set by the insurance company. The cash value can be used to supplement retirement income or fund educational expenses. This provides predictability in budgeting for insurance expenses.
StarPointe Assurance made getting life insurance simple and stress-free. Their team took the time to understand my needs and helped me choose the perfect plan. Now, I have peace of mind knowing my family will be financially secure no matter what."
I was unsure whether to choose term or whole life insurance, but StarPointe Assurance guided me every step of the way. Their expertise and dedication gave me confidence in my decision, and now I feel prepared for the future."
Term life insurance provides coverage for a specific period, while whole life insurance offers lifelong protection with a cash value component.
It depends on your financial goals—term life is ideal for temporary needs, while whole life builds cash value and lasts a lifetime.
Many term life policies offer conversion options, allowing you to switch to whole life insurance without a medical exam.
Your coverage amount should be based on factors like income, debts, future expenses, and family needs.
Yes, whole life insurance accumulates cash value over time, which you can borrow against or use for future financial needs.
If your term policy expires, you may need to renew it, convert it to a whole life policy, or purchase a new policy based on your needs.
