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Whole life insurance offers lifelong coverage and builds cash value over time. This cash value can be a source of funds during retirement or can be accessed through loans against the policy. Term life insurance, on the other hand, provides coverage for a specific period, typically 10, 20, or 30 years. It’s generally less expensive than whole life insurance but doesn’t accumulate cash value. Both types of policies can provide a financial benefit to your family after your passing, helping cover expenses like college tuition, mortgages, funeral costs or anything else. Choosing the right policy depends on your individual needs and financial goals.