Whole life insurance is more expensive than term life insurance because it comes with many financial advantages.
A whole life insurance policy earns cash value which acts like a savings account.
Cash value can be used for retirement, to take out a loan, or even pay the policy premium.
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“Whole life insurance is an estate-planning tool that offers more than a death benefit, but it comes at a steep price businessinsider.com, April 17, 2020."
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