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Permanent Life Insurance |
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Permanent Life Insurance A life insurance policy with no expiration date. That is, a permanent life policy provides coverage for the entire life of the policyholder (provided he/she continues to make premium payments). When the policyholder dies, regardless of when that is, his/her beneficiaries receive the death benefit. Traditional whole life policies also include a savings element, allowing the policyholder to invest part of the premium and borrow against it, or recover the earnings should he/she ever decide to cancel the policy. It is also called whole life insurance. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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On the other hand, cash value insurance stays in effect for as long as you choose--usually until death. However, if one opts for actual cash value insurance and a fire occurs, one would instead need to borrow $200,000 to cover the true cost or replacing one's facilities. Frequently, accountants assist in designing personal financial plans that include term life insurance, cash value insurance or a combination of the two. |
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