Which type of life insurance is the better option, term or whole life? explain your answer.

Question: Which type of life insurance is the better option, term or whole life? explain your answer.

The choice between term life insurance and whole life insurance depends on individual needs and financial goals. Term life insurance provides coverage for a specified period and is generally less expensive, making it a suitable option for those seeking temporary protection or who have a limited budget. Whole life insurance, on the other hand, offers lifelong coverage and includes an investment component known as cash value, which grows over time. This makes it more expensive but can be beneficial for those looking for a long-term financial planning tool that can also serve as an inheritance or savings vehicle.

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