In today’s podcast, we discuss the 3 types of Life Insurance.
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term.
Universal life insurance is a type of cash value life insurance, sold primarily in the United States. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.
Whole life insurance, or whole of life assurance, sometimes called “straight life” or “ordinary life,” is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date.
A person’s unique situation dictates what type of insurance is needed. Variables such as debt, premium cost, age, health, and financial goals are all considered in the decision making process of purchasing life insurance and what type is needed to accomplish these needs.
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