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Kiplinger

Business

Laura Gariepy

What Is Whole Life Insurance, and Do You Need It?

(Image credit: Getty Images)

You have a family to protect and a legacy to leave, and you know a life insurance policy can help you do that. But with so many coverage options, it can be hard to choose.

There are two main types of life insurance: Term life insurance and whole life insurance. Both options offer a tax-free death benefit to your heirs, but beyond that, they function differently.

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