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Life insurance policies are issued for minimum __________ years duration.

  • Life insurance policies are issued for minimum 5-10 years duration.
  • The specific duration of a life insurance policy will depend on a number of factors, including the type of policy, the needs of the policyholder, and the requirements of the insurer.
  • Some common types of life insurance policies include term life insurance, whole life insurance, and universal life insurance.
  • Term life insurance policies typically provide coverage for a specific period of time, which can range from a few years to several decades.
  • The specific duration of the policy may depend on the needs of the policyholder, such as the need to provide for dependents or to pay off a mortgage or other debt.
  • Whole life insurance and universal life insurance are typically designed to provide coverage for the entire life of the policyholder, rather than for a specific period of time.
  • These types of policies may also offer additional benefits, such as a cash value component that can be used as an investment or savings vehicle.