Life insurance is also a great way to save money for the long term. Products such as universal life and whole life allow you to invest money each pay period which can grow as time goes by. If you are trying to save money for the long term, you might be able to gain an advantage by not only having life insurance, but an effective savings plan as well for the future.
For many types of life insurance- specifically term life, you can protect your family for an extremely low fee each month- sometimes less than $10 per month depending on age, gender and other factors.
In fact, buying term life allows one to choose the term amount anywhere from 1 year, 5 years, 10 years, 20 years, etc. This means that if you are interested in a convenient life insurance product that is extremely affordable term life can easily fit your specific needs.
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