Not all life insurance policies are the same, so it's essential to understand coverage details and terms before purchasing. Key terms include the insurer, policyholder, insured, death benefit, beneficiaries, policy length, premium, and cash value. There are two main types of life insurance: term and permanent. Term insurance covers a specific period, while permanent insurance lasts a lifetime and includes a cash value component. Whole and universal life are the two main types of permanent insurance. Always read the terms carefully and consider shopping around for the best coverage.
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