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Term life insurance is the best choice for the average person. According to the website of SmartMoney magazine, term life insurance, which pays a death benefit if the policyholder dies within the fixed period of the policy, has much lower premiums than whole life insurance and is perfectly adequate for most people. Whole life, which has an investment component in addition to paying a death benefit, may be a good choice for the wealthy as it provides certain tax advantages for those leaving behind large estates. Also, the investment portion of a whole life policy commits the policyholder to a "forced savings" program that is beneficial for those without the discipline to save and invest on their own. Most experts agree that for the typical person who will not be leaving a large estate, term life is best. According to the Federal Trade Commission, buying term life insurance is one of the best ways for an individual to save money. SmartMoney.com : Term or Whole LIfe Federal Trade Commission: 66 Ways to Save Money MSN.Money: Term or Permanent Insurance Federal Citizen Information Center: What You Should Know A Buying Life InsuranceOn One Hand: Term Best in Most Cases
On the Other: Whole Life Better for Wealthy
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