policies have added peace of mine that if death occurs - their family will be financially secure. There are a few different types of life products on the market; the most popular are Term Life, Whole Life (sometimes called Permanent) and variations of the two.
Term Life
Term life is an product that covers you for a specific term (time period). You usually pay the same rate over the life of the term and you are guaranteed a benefit of a specific amount in the case of death. Most term life policies are from one year to thirty years. There are two types of term life; level term and decreasing term. The vast majority of consumers choose level term. Level term has the same cost from year to year, decreasing term means that the death benefit decreases from year to year or other schedule. There is also renewable term life insurance. With renewable term life, you can renew your life once the term is up, even if you would normally not be able to qualify for term life due to health problems.
Whole Life/ Permanent
Whole life pays a death benefit, whether you die in one year or at the age of 90. The benefit always stays the same and with most policies the payments also always stay the same. Some whole life policies have an added feature that you can withdraw a cash value of the policy after a specific amount of time. For instance, a person that no longer needs to care for a family with a whole life policy can withdraw a cash value of the policy in order to live more comfortably.
Universal Life Insurance
This type of life gives you more options than whole life. For instance, you can increase the benefit and you can withdraw money from the policy if it has a cash value.
Variable Life
Similar to Universal Life Insurance, however you usually get a savings account that earns interest. You can also invest money that is in your savings account via stocks, bonds and other monetary instruments..
Article Source: Articles Beyond Better
Connie Barker is the owner of several financial websites including those that deal with Life Insurance
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