Term life insurance is the best type of insurance for an individual who has borrowed money and requires monthly payments, offering coverage without cash value accumulation.
Term life insurance is more suitable for an individual who has just borrowed $10,000 on a 5-year installment loan requiring monthly payments. Compared to whole life insurance, which builds up cash value and is like a forced savings account, term life insurance is focused solely on providing coverage against premature death without accumulating cash value. This makes it a more cost-effective option for individuals primarily seeking financial protection for their loved ones.
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