Term Life or Full Life?

Life insurance planning can be a daunting task. Not only is there the question of how much insurance, but now the emerging question is what kind. Life insurance comes in many different varieties including term life, universal life, whole life, and variable life.

Universal life, whole life, and variable life are all life insurance products that are designed to pay a benefit at your death regardless of the time of death. For example, these policies most commonly pay a benefit when someone has reached an older age and dies of natural causes. These policies would also pay a benefit if the insured were to pass at any given point in their life.

Term life is an insurance product that is designed to pay a benefit for only a specified period of time. For example, one can purchase a 10 year term policy. In this case if the insured were to pass within the 10 year period from the date of purchase the policy would pay a benefit. If the person were to die after the ten year period no benefit would be paid.

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