Also, cash value life insurance gives the owner options to withdraw accumulated cash tax-free but term life doesn’t have such option. Cash life insurance premium doesn’t change and lapse once you own it but Term life insurance will lapse after 10-30yrs which will require the owner to sign a new contract with a massive increase in premium. To learn more click on our website and book an appointment to speak to one of the licensed professionals.
Both types of life insurance provide death benefit coverage. While term life insurance offers protection that last for a specific period of time (usually 10, 20, or 30 years), cash value life insurance offers protection that may last a lifetime. As long as the policy has enough cash value, the policy won’t lapse. Additionally, cash value life insurance policies have the potential to accumulate cash value.
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