Essentially, there are two broad categories of life insurance. They are:

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Cash value policies offer both insurance protection and an investment component, allowing the policyholder to accumulate cash value over time. On the other hand, term policies offer pure insurance protection for a specific period, usually 10-30 years. Having a combination of both types of policies is often the best choice for most individuals, as it provides both short-term and long-term protection, as well as opportunities for investment growth.

Essentially, There Are Two Broad Categories of Life Insurance