The two main types of life insurance policies are term life insurance and whole life insurance.
Term life insurance provides coverage for a set period of time, typically ranging from 10 to 30 years. During that time, you will pay a fixed premium and if, during the term of coverage, you pass away the policy will pay out a death benefit to your beneficiaries. Term life insurance is a great choice for those who want coverage for a specific amount of time and at a low cost.
Whole life insurance is a type of permanent life insurance that provides coverage for your entire life, as long as you remain current on your premiums. Generally, whole life policies have a higher premium than term life policies, but they also provide savings and investment components that can help you build cash value over time. A great benefit of whole life insurance is that you can potentially access the cash value while alive.
Both types of life insurance can provide peace of mind and financial protection for you and your loved ones, depending on your specific needs and circumstances. It’s important to research and compare different types of life insurance policies to find out which one best suits you and your family.