Eli5: whats the difference between term vs whole life insurance?
In: Other
Term – you pay a small amount every month so your beneficiary get the amount IF you die within the term
Whole life – you pay a set total amount over your life and your beneficiary is GUARANTEED the amount when you die.
No, you don’t pay for whole life until you die, the amount you pay is invested and after some years, the interest it generates pays the policy. Is it a scam? kind of. Will your beneficiary get millions of dollars TAX FREE, yes.
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