Whole life insurance also works as an investment account in some ways, allowing you to borrow against it if you get into a financial bind during life. This is called a living benefit, and it basically means that the policy collects cash via an interest rate, much like a savings account. You can also choose other ways to invest the money in your whole policy. You can even use the policy as collateral for a loan if you desire.
Term life insurance provides you with temporary coverage that lasts for a set amount of years, which is determined at the time you buy the contract. A term policy only pays out in the event of your death, so there is no living benefit with this kind of insurance. However, a term policy is cheaper than a whole, so this may actually be an attractive way for you to get life insurance.
What is PPO.
The Preferred Provider Organization is actually similar to HMO in when it comes to the physicians and other healthcare providers working together as a team and having discounted rates. The most distinct feature of PPO that differs itself from HMO is that it does not depend on a specific list of doctors. Meaning it has a wider coverage of physicians. Although this means extra payment for the patients many have opted to apply for this plan because of this feature.
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