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Business Insider | February, 2016

One Type of Commonly Recommended Insurance Only Makes Sense for the Rich

One strategy wealthy taxpayers use to save money on taxes is purchasing whole-life insurance.

This is an insurance policy which lasts, as the name says, for the policyholder's whole life.

It also has an investment component that allows its value to grow tax-deferred, and you can withdraw that cash value before death, if needed.

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