What are the basic types of life insurance?
Life insurance comes in essentially two types: Term and Permanent. Term life insurance is designed to provide coverage for a specific period of time for a set death benefit amount at relatively low cost. Once the term has expired, you will either have to obtain new coverage at your current age and health or transfer to permanent coverage if your plan allows for it.
Permanent Life Insurance provides coverage throughout your entire life. You can change your death benefit after a certain period of time if your plan allows for it in addition to changing your premium. In addition, Permanent Life Insurance provides cash value that you can use to help supplement retirement, pay for college, or any other reason you may need it. It is important to discuss how to withdrawal funds from your life insurance policy with a licensed insurance agent.
Life insurance comes in essentially two types: Term and Permanent. Term life insurance is designed to provide coverage for a specific period of time for a set death benefit amount at relatively low cost. Once the term has expired, you will either have to obtain new coverage at your current age and health or transfer to permanent coverage if your plan allows for it.
Permanent Life Insurance provides coverage throughout your entire life. You can change your death benefit after a certain period of time if your plan allows for it in addition to changing your premium. In addition, Permanent Life Insurance provides cash value that you can use to help supplement retirement, pay for college, or any other reason you may need it. It is important to discuss how to withdrawal funds from your life insurance policy with a licensed insurance agent.
