The difference between term insurance and permanent whole life insurance is that term insurance is for a period of 20 or 30 years while permanent is for a lifetime. You buy a permanent policy and it covers the rest of your life.
Term insurance is classified as non-medical if it is under $250,000. This means that no medical check is needed if your policy is $250,000 or less. Guidance is offered for higher-cost policies (above $250,000).
Dividends are paid for permanent insurance, so some people use this as an investment vehicle as it also pays interest on the premium.
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