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Two Basic Types of Insurance
Term Life A term life insurance policy is in force for a specific time and has a face value (coverage amount) that you choose at the time of purchasing the policy. In the event of an untimely death within the specified term, the insurance company pays the face value of the policy as a death benefit to your beneficiaries. It is imperative that you review you policy often to make sure you are aware of any changes throughout the term period.
Permanent Life A permanent life insurance policy (which includes whole life, universal life and variable life insurance) is in force for your lifetime as long as you continue to make your premium payments. Like term life insurance, permanent life insurance pays a death benefit in the event of an untimely death, but it also an accumulating cash value.
Whole Life Insurance
Whole life insurance refers to a policy that provides lifetime protection by paying a lump sum death benefit. Whole life policies differ from term insurance in that they have a savings component with earning accruing referred to as cash value.
Universal Insurance
Universal life insurance is a type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance), which is invested to provide a cash value buildup. Unlike the whole life policy, the universal policy provides flexible premiums and death benefits.
Term Insurance
Term life insurance provides protection against your untimely death during the time the policy is in effect. Your beneficiary receives a lump sum in an amount of your choosing in such an event. This type of insurance is temporary(term), and is arguably the least expensive and easiest type of life insurance you can purchase.
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