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Updated: May 17, 2025
Renewable term-insurance premiums are lower than straight life insurance because in the former there is no cash surrender value. Term insurance, like fire insurance, buys protection and nothing else.
Consequently, it is desirable to carry two types of insurance: on the one hand, a straight life contract, entered into preferably early in life when annual premiums are lower, and, on the other hand, successive renewable term-insurance policies which may be purchased when temporary responsibilities, such as the rearing of children, are undertaken.
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