Types of Life Insurance Policies
Term Life Insurance
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Provides coverage for a specified term or period, typically 10, 20, or 30 years.
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Offers pure death benefit protection without any cash value accumulation.
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Generally, the most affordable type of life insurance.
Whole Life Insurance
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Provides coverage for the policyholder's entire life.
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Builds cash value over time, which can be borrowed against or withdrawn.
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Offers both death benefit protection and a savings component.
Universal Life Insurance
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Offers flexible premiums and death benefits, allowing policyholders to adjust coverage and premium payments.
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Accumulates cash value, which earns interest at a rate set by the insurance company.
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Provides permanent coverage with investment options.
Endowment Policies
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Combines life insurance coverage with a savings or investment component.
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Pays out a lump sum benefit either upon the policyholder's death or at the end of a specified term, whichever occurs first.
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Offers both death benefit protection and a guaranteed maturity benefit.