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Increasing term insurance
Life insurance is a crucial aspect of financial planning, providing financial security to loved ones in the event of the policyholder's death. One type of life insurance is called "increasing term life insurance," where the death benefit gradually increases during the policy's term. This is often added to a whole life policy as a cost of living rider. It offers the benefit of keeping up with inflation and providing a larger payout to beneficiaries. This type of insurance is popular among individuals who want to ensure their loved ones are financially protected, even as the cost of living rises.
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