The Three Basic Types of Life Insurance

Term Life Insurance

The most basic, and generally least expensive form of life insurance for people under the age of 50. Term Life Insurance provides for life insurance coverage for a specified term of years for a specified premium.

Whole Life

Combines permanent protection with a savings component. As long as you continue to pay the premiums, you are able to lock in coverage at a level premium rate, with some accruing as cash value

Universal Life

Similar to whole life with the added benefit of potential earnings on the savings component. Universal life policies are also flexible in regard to premiums and face value. Premiums can be increased, decreased or deferred, and cash values can be withdrawn. You may also have the option to change face values.

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