About half of American adults have life insurance, but many lack sufficient coverage. Life insurance comes in term and permanent types; permanent policies can build cash value and offer tax advantages. Fees can be high, especially for market-based products. Some policies combine long-term care benefits. Life insurance can aid budgeting, provide tax-free inheritance, and bypass probate. Qualification has eased, but insurer quality varies. Agents often earn commissions, so fiduciary advice is recommended.
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