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Whole Life Insurance
Whole life insurance is a form of permanent insurance that will insure you until you pass away, regardless of your age. There is a savings component involved, as dividends are paid out every year, resulting in a cash value that accumulates within the policy. This form of insurance may also be utilized as a retirement plan, since withdrawals can be made from the cash value in the long run. The basic death benefit will also grow significantly throughout the years; therefore, this form of insurance is widely used for estate planning purposes.
