Answer :
Final answer:
Term life insurance provides protection without cash value accumulation, commonly used to pay estate taxes, and cost-effective compared to whole life insurance.
Explanation:
Term life insurance is a beneficial option compared to whole life insurance as it does not build cash value but provides coverage in the event of premature death. It operates similarly to auto and homeowner's insurance, focusing on protection rather than investment.
Decreasing Term insurance is commonly used to pay estate taxes as it offers coverage for a specific term with a decreasing death benefit amount.
Unlike whole life insurance, which accumulates cash value, term life insurance is more cost-effective and ideal for individuals seeking straightforward protection.
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