Life Insurance Solutions

What types of Life Insurance Are Out There?

Life Insurance generally falls into two categories:

 

Term & Permanent Life Insurance

Term

Term Life Insurance is similar to Automobile Insurance in that as long as you pay a premium, the life insurance company promises to pay a death benefit to your beneficiaries.

 

Generally this promise goes for a specific period of time, from as little as 5 years up to 30 years. When this term expires, your premiums may go up or your policy is no longer in force and you will need to purchase another policy.

Permanent

Permanent Life Insurance provides coverage like term does, but also has an element of savings with a Cash Value savings account. 

 

Part of the premiums that you pay go to pay for life insurance with the remainder going into the cash value savings account. This account earns interest with the ultimate goal that your savings grows to the point where the interest generated is enough to pay for the life insurance. 

 

There are many kinds of permanent Life Insurance policies out there from:

  • Whole Life

  • Universal Life

  • Variable Universal Life

  • Indexed Universal Life

Permanent Life Insurance also have tax advantages that can be very beneficial to policy holders.

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