There are two types of life insurance; term and permanent. Once you know how much benefit you need finding the right type of insurance is vital. Knowing what benefits each type offers will help you decide which policy is right for you.
Term Life
Term life is typically coverage for a specified amount of time. The death Benefit can be level or decreasing. The most popular term policies are:
•10 Year Term
•20 Year Term
•30 Year Term
•Annual Renewable Term
Term life is typically coverage for a specified amount of time. The death Benefit can be level or decreasing. The most popular term policies are:
•10 Year Term
•20 Year Term
•30 Year Term
•Annual Renewable Term
Permanent Life
There are three main types of Permanent Life Insurance; Whole Life, Universal Life and Variable Life. Benefits of these policies include:
•Have cash value
•Stay in force as long as premiums are paid
•Offer tax deferred growth
•Loan Options of cash value
There are three main types of Permanent Life Insurance; Whole Life, Universal Life and Variable Life. Benefits of these policies include:
•Have cash value
•Stay in force as long as premiums are paid
•Offer tax deferred growth
•Loan Options of cash value