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Depending on the kind of life insurance you buy, it can come in handy when households are faced with unforeseen major expenses. Cash-value life insurance, also known as permanent life insurance, includes a death benefit in addition to cash value accumulation. Variable life, whole life, and universal life insurance all have built-in cash value. Term life does not.
“It could help pay immediate expenses and provide mortgage protection,” according to Western & Southern Financial Group, a Cincinnati, Ohio-based diversified group of financial services companies.
