What is the difference between permanent life insurance and whole life insurance?
I'm taking a class on finance, and I'm really confused about this concept. If it helps, here's what my textbook says:
Permanent life insurance continues until the premiums are stopped or the death benefits are paid out. The cash value of the insurance increases as the premiums accumulate. With whole life insurance, the premiums, death benefits, and cash value of the insurance remain fixed. At the time of the insured's death, the cash value of the insurance becomes the insurance company's and the death benefits are paid to the beneficiaries.
Could you please explain in layman's terms?
insurance best answer:
Answer by Rob
no such thing as "permanent" life insurance.
life insurance is Term.
whole life insurance is extremely over price insurance.
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