If you need life insurance, buy term insurance. Term insurance is basic pay-as-you-go, no-frills insurance. It’s the cheapest way to go and serves the purpose. When you tell an insurance salesperson that you want to purchase term insurance, get ready for lengthy sales pitch about how term insurance is insufficient, penny-wise, and pound-foolish. They will likely try to sell you more expensive policies that build cash value, such as whole life, universal life, and variable universal life. They may tell you that it’s a good investment in addition to life insurance: “You don’t have to die to
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