Video Transcript
There are three main types of life insurance:
- Term
- Whole and
- Universal
A Term life insurance policy is a low-cost option that keeps you covered in terms of 10 to 30 years. This policy does not accumulate cash value like a permanent policy. However, it guarantees a lump-sum of cash to your beneficiaries if you pass away before the policy term expires.
A Whole life insurance policy is the ideal option for lifetime coverage. This plan includes:
- Level premiums
- An accumulation of cash value that can be used in times of emergency and
- Additional benefits that can increase your level of coverage
A Universal life insurance plan combines low-cost coverage with cash value accumulation. With this policy, you can:
- Pay flexible premiums
- Obtain lifetime coverage, and
- Mold your policy to match your budget
This plan allows you to build a savings account throughout the life of the policy. This account is separate from the insurance component, so your money is safe.
For more information on the different types of life insurance visit LifeInsuranceType.com or call us and receive free enrollment assistance.