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What is the difference between term and permanent life insurance?

Term insurance is a simple life insurance policy that will pay out a death benefit to your beneficiaries if you die within the term period. Otherwise, if nothing happens to you during the term period, the policy expires and typically has no additional value. Term life insurance is simpler and cheaper than permanent life insurance. Permanent life insurance provides lifelong coverage and can include a long term cash accumulation vehicle that can be accessed tax-free by the policyholders while they are alive. Permanent life insurance has a lot more features, including tax deferred cash accumulation and accelerated benefit riders where you can access your coverage amount for severe or long term illnesses or disabilities. Permanent insurance is more expensive than term insurance.

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