Is a type of life insurance that provides coverage for a certain period of time, or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy is active a death benefit will be paid. Term Insurance is initially less expensive when compared to Permanent Life Insurance. The product is ideal for covering a single need or a specific amount of time.
Unlike a Term Insurance policy, Permanent Insurance plans do not expire as long as the policy is kept in force. Permanent Insurance combines a death benefit with a savings portion, which allows the policy to build up cash value, for which the owner can borrow or withdraw cash.
Universal Life – Is a type of permanent life insurance with an investment savings element and low premiums like term life insurance. Most universal life insurance policies contain a flexible premium option. However, some require a single premium (single lump-sum premium) or fixed premiums (scheduled fixed premiums).
Whole Life – The most common of life insurance products, whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the cash value, alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis. Growing cash value is an essential component of whole life insurance.
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Guarantees are based on the claims-paying ability of the issuing insurance company.