Whole life and term life insurance serve different purposes, and the right choice depends on your financial goals. Whole life insurance is a type of permanent life insurance that offers coverage for your entire life, along with a cash value component that grows over time.

This cash value can be borrowed against or withdrawn during your lifetime. In contrast, term life insurance only provides coverage for a specific period, such as 10, 20, or 30 years, and it does not build cash value. Understanding the differences between these two types of insurance can help you decide which one best fits your long-term financial needs.

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