Term Life Insurance
- Provides coverage for a specific period, such as 10, 20, or 30 years.
- Typically offers lower premiums compared to permanent life insurance.
- Pays out a death benefit to the beneficiary if the insured passes away during the term of the policy.
- Once the term expires, coverage ends unless the policy is renewed or converted to a permanent policy.
Whole Life insurance
- Provides coverage for the insured's entire life, as long as premiums are paid.
- Builds cash value over time, which can be accessed through loans or withdrawals.
- Premiums typically remain level for the life of the policy.
- Pays out a death benefit to the beneficiary upon the insured's death.
Univer life insurance
- Offers flexibility in premium payments and death benefits.
- Allows policyholders to adjust the coverage amount and premium payments over time.
- Accumulates cash value, which can be used to pay premiums or increase the death benefit.
- Provides a death benefit to the beneficiary upon the insured's death.
Variable life Insurance
- Allows policyholders to invest premiums in various investment options, such as stocks, bonds, or mutual funds.
- Cash value and death benefit may fluctuate based on the performance of the underlying investments.
- Offers potential for higher returns but also involves greater investment risk.
- Provides a death benefit to the beneficiary upon the insured's death.
Indexed Universal Life Insurance
- Combines features of universal life insurance with the potential for higher returns linked to a stock market index.
- Cash value accumulation is tied to the performance of the chosen index, with a guaranteed minimum interest rate.
- Offers flexibility in premium payments and death benefits.
- Provides a death benefit to the beneficiary upon the insured's death.
