PERMANENT LIFE INSURANCE
Types of permanent Life Insurance:
- Whole Life Insurance: Fixed premiums, guaranteed death benefit, and cash value growth.
- Universal Life Insurance: Flexible premiums and adjustable death benefits.
- Variable Life Insurance: Cash value can be invested in market options, so it may grow or decrease.
These policies not only give your family a guaranteed payout one day, but many of them also build something extra called cash value, almost like a savings account inside your insurance. Whole life insurance offers stability with fixed payments and steady growth.
TERM LIFE INSURANCE
- Provides coverage for a specific period of time (10, 20, or 30 years). It’s simple, affordable, and works well if you want protection while you’re raising children, paying off a home, or building your career.
- Generally has lower premiums than whole life.
- Designed mainly for income replacement during your working years.
- Ideal for families needing protection for a certain period (e.g., until children are grown or mortgage is paid). If you pass away during that time, your family receives the money they need to keep moving forward.
