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The other type of life insurance is Permanent Life Insurance. Permanent is just that-as long as
premiums are paid,
death benefits are paid. One of
benefits a person receives from Permanent Life Insurance is that it has a cash value. That means you can borrow money on it. There is no need for a credit check on this type of loan. Basically
life insurance is
collateral.
The drawback to Permanent life insurance is cost. It is much higher premium than that of a term policy.

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