Originally published on: MoneyGeek
As with other types of insurance, holding life insurance can be a good thing. Holding one protects you financially from the loss of your significant other. However, not all forms of life insurance are great.
Insurance companies normally offer us two types of life insurance. They are term and whole life insurances.
Term life insurance is straightforward. The policyholder pays the fees, and if the designated person dies during the policy term, the policyholder receives money. Normally, the policyholder and the designated person are different. If the policy term expires and the designated person is still alive, the holder receives nothing. Since your risk of dying increases as you age, the premium on your term life insurance increases each year.
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