What Types of Life Insurance Are Available?
What Is Universal Life Insurance? There are a number of types of life insurance plans. The most common one is a term life insurance. This type of insurance pays the policy amount in the even of the insured’s death during the policy period. It is almost like leasing an apartment. If you lease the apartment for a year, your rent (the monthly premium) will be the same for that whole year. Term life insurance covers you for a specified amount of time. After that time frame, you will have to get a new policy which could have a different premium amount since you are applying at an older age. The other type of life insurance is whole life insurance. This type of insurance is designed so a person could own for their lifetime. A benefit of whole life insurances is that it builds cash value. You may borrow against the cash value or even withdraw the amount in some cases. Term life insurance does not build cash value, but the premiums may be cheaper than the whole life insurance. Whole life insurance may also have options such as riders that may not be available to term life insurance.
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