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What is the difference in Whole Life Insurance and Permanent Life Insurance?

In: Insurance, Life Insurance [Edit categories]

Answer:

They are the same thing. Whole/Permanent Life Insurance stays at the same monthly quarterly, semi-annual, or yearly premium; they don't go up or down. The Policy amount stays the same too. Ex. $50 per month for $50,000 worth of life insurance stays the same at the age it is purchased until the insured dies or until they outlive the policy; usually 99, 100, or 101... Whole LI also accrues cash value that can be borrowed against.

First answer by Pharaplay. Last edit by Pharaplay. Contributor trust: 0 [recommend contributor ]. Question popularity: 2 [recommend question].

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