Life Insurance

If you are shopping around and asking yourself “what is term life insurance?” you are not alone! Many consumers struggle to find helpful term life insurance information to explain the differences between the various types of life insurance protection. There are three basic forms of life insurance available in today’s market. stockphotolife

Term Life Insurance

Term life insurance is designed to provide protection for a specific period of time (term) and generally pays a benefit only if you die during the term. Typical terms for term life insurance are 10, 20 or 30 years. Term insurance is the least expensive form of insurance but builds no cash value.

A financial plan that is often utilized is to combine term insurance with the purchase of mutual funds to build cash for retirement.

Universal Life Insurance

Universal life offers the flexibility of varying the amount of the premium while having the return on cash value tied to periodically adjusted short term interest rates.

Whole Life Insurance

Whole life is the simplest and most common life insurance option. Premiums remain fixed for life and policy builds cash value. The death benefit and the rate of return on your cash are guaranteed.

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