Life Insurance FactsThere are several types of Life insurance. The most common are Term Life and Whole Life Term Life InsuranceTerm life insurance is the lowest cost and simplest product available. Term insurance is a life insurance contract that provides protection for a limited number of years. The death benefit is only payable if death occurs during the agreed-upon term. If the insured survives the time period, the policy expires. This type of policy provides the maximum benefits but only during a set period of time. Key Benefits
Drawbacks to Term Life Insurance
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Whole Life InsuranceWhole life insurance provides a death benefit and an accumulating cash value. By definition, it has a fixed premium and a level death benefit to age 100. The premiums don't increase with age, which averages the cost of the policy over your life. The cash value increases with time until it equals the death benefit at age 100. This type of policy never has to be renewed or converted. The cash value is an amount of money that you are guaranteed to receive in the event of policy cancellation. You also have the right to borrow against the cash value on a loan basis. Key Benefits
Drawbacks to Whole Life Insurance
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