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Life insurance is a contract with a insurance company. The insurance company provides a sum of  payment, known as a death benefit, to beneficiaries upon the persons insured death.

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also known as a pure insurance policy. when you pay your premium, you’re just paying for the death benefit that goes to your beneficiaries in the event of your death.  It is designed to provide financial protection for a specific period of time, such as 10 or 20 years. Costing between $30-40 a month for your term

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A variable life insurance , cash value,  is more like what you would expect in investing.With a whole life insurance policy, the cash value component is a savings account .Even though the growth might be small compared to other investment options, there is a guaranteed minimum rate. It also includes dividend payments from the life insurance company.

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this  type of life insurance is a type of permanent life insurance designed to provide a lifetime coverage. Your premiums go toward both the cash value and the death benefit. it also allows you to change the benefits when ever you want because they are flexible. This also helps you build up your cash value.

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is another type of life insurance has a death benefit but also a cash
value, where the premiums you pay monthly or annually are partially used to fund that cash value. the fees portion decreases and more of the premium goes directly to funding the cash value.

Due to the fees and the extra feature, a whole life insurance policy can cost up to ten times more than term life insurance .Whole life can be used as an estate planning tool to help preserve the wealth you plan to transfer to your beneficiaries.

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a beneficiary can be one person two or more or a group of people. beneficiaries are people that you want to give your money to when you die. when you die your beneficiary will make a claim and the insurance company will either pay you the money in you plan or they will pay you there net worth.

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factors that determine your
premium
age
physical condition
if you smoke
medical history
family medical history
and your occupation.

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https://www.fidelity.com/life-insurance/life-insurance-planning/what-is-life-insurance

https://www.policygenius.com/life-insurance/types-of-life-insurance/#term-life-vs-whole-life