Life Insurance | What is the difference between main types of life insurance?

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LIFE INSURANCE

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What is the difference between main types of life insurance?

There are two main types of life insurance-whole life (permanent life insurance) and term. Whole life includes several subtypes: universal, traditional, variable and variable universal. Five years ago, about 6.4 million individual life insurance policies purchased were term life insurance and about 7.1 million were whole life.

There is difference between life insurance products for groups and for individuals. Below you will find some information that is focused on life insurance for individuals.

Term life insurance

Term Insurance is an elementary form of life insurance. It covers expenses only in case of death during the term of the policy; it usually lasts from one year to 30 years. No other benefit provisions are included.

Among life insurance policies one can identify two main types - level term and decreasing term.

Under level term one should understand that the death benefit remains the same while the policy lasts.

Under decreasing term one should understand that the death benefit falls in the course of the policy.

Five years ago, 97 percent gave their preference to level term.

Whole Life Insurance (Permanent)

Whole life or permanent insurance provides you with a death benefit any time when you die - even if you die after becoming a centenarian! The main types of whole life (permanent life) insurance are: universal life, traditional whole life and variable universal life. Each type has variations.

Traditional whole life insurance provides insurance coverage of the insured person for his/her entire life. It is different from term life insurance because that one covers the insured person until a stated age limit; but a traditional whole life policy never ends. When the time of inevitable death of the insured person comes, the contract's beneficiaries receive the insurance payout.

These policies also have an investment constituent, which piles up a cash value that the policyholder can withdraw if he or she decides not to go on with the original plan. If the contract is sustained, the policyholder is provided with a guaranteed amount that will pass on to his/her beneficiaries, no matter how long he/she lives.

What is the difference between main types of life insurance?

Term life insurance

Whole Life Insurance (Permanent)

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