4. Life Insurance: Term vs. Whole Life
Life insurance provides financial security for your loved ones in case of your death. The two main types are:
- Term Life Insurance: Offers coverage for a specified period (e.g., 20 years) and is typically more affordable. It’s suitable if you need coverage for a set period, like until children are grown.
- Whole Life Insurance: Provides lifelong coverage and includes a savings component, which can build cash value over time. It’s more expensive but offers long-term benefits.
Evaluate your financial goals and family needs to determine which type of policy aligns with your objectives.
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