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Term Life

  • Coverage Duration: Temporary (e.g., 10, 20, or 30 years)

  • Purpose: Provides a death benefit only if the insured dies during the term

  • Cost: Typically the least expensive option

  • Cash Value: None

  • Best For: People needing affordable, temporary coverage (e.g., to cover a mortgage or raise children)

Final Expense/Burial/Funeral

  • Coverage Duration: Temporary (e.g., 10, 20, or 30 years)

  • Purpose: Provides a death benefit only if the insured dies during the term

  • Cost: Typically the least expensive option

  • Cash Value: None

  • Best For: People needing affordable, temporary coverage (e.g., to cover a mortgage or raise children)

Whole Life

  • Coverage Duration: Lifetime

  • Purpose: Provides a guaranteed death benefit and builds cash value over time

  • Cost: Higher premiums than term life, but fixed

  • Cash Value: Yes, grows at a guaranteed rate

  • Best For: Those seeking lifelong coverage with a savings component

Universal Life

  • Coverage Duration: Lifetime

  • Purpose: Offers flexible premiums and adjustable death benefit

  • Cost: Varies; can adjust over time

  • Cash Value: Yes, based on market interest rates (can grow more than whole life)

  • Best For: People who want flexibility in premium payments and coverage

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Phone: (320) 980-2086

Email: [email protected]

Licensed in MN, License # 40629321

Neupauer Insurance Agency

Not connected with or endorsed by Medicare or the U.S. government.