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Types of Life Insurance
Different Types of Life Insurance
There are three popular types of life insurance. Term life insurance provides death benefit for a specific period of time and builds no cash value. Whole life insurance is permanent insurance, which builds a steady cash value and pays in the event of death of the insured. Universal life insurance provides more flexibility of premiums - and cash value growth - while still affording the insured the security of being able to receive a death benefit as well.
Term Life Insurance
Term life insurance is a temporary type of insurance policy, designed to last for a specified period of time (the "term"), has consistent payments due, and pays out a specific amount in the event of death. (Read More)
Whole Life Insurance
Whole life insurance works as an investment of sorts. As long as you make payments, the policy provides a specific amount of death benefits and increases in cash value over time at a steady rate of interest. (Read More)
Universal Life Insurance
Universal life is the newest form of life insurance, designed like Whole Life Insurance, to provide cash value. The main difference is that you can pay more into it to increase the cash value at a faster rate. (Read More)
Which Type of Life Insurance is For Me?
Term Life insurance is generally the most popular life insurance choice if you want to manage your own investments. If you want stable growth and security of the money invested from your premiums, then Whole Life is probably what you need. Universal Life is generally popular with younger clients, as it has some risk, but greater potential gains from the investment portion of your premiums.
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