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Life insurance
Whole life insurance is permanent coverage that lasts for the insured's entire life as long as premiums are paid. It combines a guaranteed death benefit with a cash value that grows on a guaranteed schedule, and participating policies may also pay dividends, which are never guaranteed.
Whole life costs considerably more than term for the same death benefit, so it is usually sold for needs that never expire: final expenses, estate liquidity, a lifelong legacy or a special-needs dependant. The cash value can be borrowed against or surrendered, which also makes it a planning tool, not just protection.
The term-versus-whole conversation is where agents most often lose a prospect to confusion. A side-by-side calculator for that comparison is built and awaiting release; until then, producers use the coverage need from the life calculator to separate the temporary part of the need from the permanent part.
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