Please explain it and tell me if it’s a good idea or bad idea? This would help so many people.
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Term insurance is very simple = you pay a given amount per month or year and if you die, there is a specified payout amount. You can easily get quotes and compare them.
Cash value life is the opposite. It is specifically designed to be hard to understand and hard to compare. You pay a lot more because of the investment part, but good luck figuring out how the policy actually works and how it compares to other companies, because every company have a unique approach.
If you need life insure, buy term life insurance and take the balance that you would pay for whole life and invest it in an index fund. You will be far better off in the long term.
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