Life Insurance

Term Life Insurance

Term life insurance is a life insurance policy which provides coverage at a fixed rate of payments for a limited period of time. When the policy period expires, coverage at the previous rate of premiums is no longer guaranteed. The death benefit will be paid to the beneficiary if the insured dies during the term of the policy. These policies can be purchased in terms of 10, 20 and 30 years at a fixed premium rate. Term life insurance is usually inexpensive as compared to other types of policies.

Whole Life Insurance

Whole life insurance is a life insurance policy which remains in force during the insured’s whole life. These policies remain active as long as the premiums are paid in a timely manner. Some whole life insurance policies can build cash value. Usually whole life is more expensive than other types of insurance policies.

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Universal Life Insurance

Universal life insurance is often referred to as permanent insurance and provides protection during the insured’s life. These policies can build cash value as well. Universal life insurance provides lifelong coverage, provides flexibility in paying premiums and options for how the policy’s cash value is invested. This type of insurance is usually less expensive than whole life insurance.