Types of Life Insurance

Term Life Insurance
Term life insurance provides coverage for a specific amount of time. If you die at any time during this term, your beneficiaries will receive the death benefit from the policy. A term life plan is more affordable than a permanent plan because it has a simple goal of paying out a death benefit.

Permanent Life Insurance
Permanent life insurance lasts throughout your entire lifetime. It comes in the form of whole life, universal life, or variable life insurance, each differing slightly from the other. Besides the insuring-your-life part, permanent insurance adds an investing-your-money piece to your policy called cash value. The insurance company takes a chunk of your premium to start an investment account.