Ask the Experts.

We know that purchasing life insurance can seem complicated and even intimidating. At Castle, we see it as our responsibility to simplify things. Here are some questions that we hear pretty often.

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I keep hearing about 'term' life insurance and 'whole' life insurance. What's the difference?

'Term' life insurance is a policy that is in place for a set amount of time - 20 years, for example. You pay a monthly fee (known in insurance lingo as a 'premium') for the length of the policy. If you die during the term of the policy, your beneficiary will receive the death benefit. Once the term is up, you are no longer paying and you are no longer covered. You can get a new term policy, but rates and conditions will be different as you get older.

'Whole' life insurance is one of several types of permanent life insurance. There is no fixed term. Instead, you continue to pay premiums throughout your life as the policy gains a cash value. If you die at 95 years old, your beneficiary still gets the death benefit. And because the policy gains a cash value over time, you can borrow against it during your lifetime.

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