Term and Whole Life Insurance
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Develop a set of family circumstances where each of term insurance and whole life insurance are the most appropriate type of policy to meet the consumer's needs. Explain why a whole life insurance policy requires a larger premium than a term insurance.
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Expert developed a set of family circumstances where each of term insurance and whole life insurance are the most appropriate type of policy to meet the consumer's needs. Explained why a whole life insurance policy requires a larger premium than a term insurance.
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The first family will need a term insurance policy. This is a young family with little in the way of assets and the dad is the main breadwinner. They have a mortgage and three young children. The mom is a stay at home housewife. All they can afford and all they need is a term life insurance policy. If this has to be used it can be used to help pay the bills, supply income and hopefully pay for some college. They do not need a whole life policy because these are rather expensive (even ...
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