Insurance 101

Types of Life Insurance

You have many goals in life. You want your family or business to be financially secure, to enjoy a comfortable retirement, and even leave a legacy for your children and grandchildren. No matter what your goals are, the unique tax benefits and features of life insurance can help you to achieve them. That’s why life insurance can be one of the most important purchases you will make. Choosing the right type of life insurance depends on your individual circumstances and financial goals. Life insurance policies are designed to pay a death benefit when someone dies, but there are usually two basic categories of policies to meet your different needs – term and permanent.

1. Term life insurance in general, provides death benefit protection for a specific period of time.

Term Life Insurance

2. Permanent life insurance offers lifetime death benefit protection with a cash value component. This can mean lifetime peace of mind for you and your family. Different types of permanent life insurance are usually categorized as follows:

Whole Life Insurance

Universal Life Insurance

Indexed Universal Life Insurance

Variable Universal Life Insurance

Each of the above product categories also offers a corresponding survivorship product that covers you and one other person (such as your spouse or business partner) making it a cost-effective alternative to purchasing two individual life insurance policies.


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