TYPES OF LIFE INSURANCE

There are many kinds of life insurance, but they generally fall into two categories: Term Insurance and Permanent Insurance (Whole Life).

Term Life Insurance a form of life insurance designed for temporary needs, offering affordability with lower premiums. This type of insurance is suitable for situations where coverage is required until a specific point in the future, such as until children graduate or a particular debt, like a mortgage, is paid off. It offers cost-effective protection for short-term financial needs without a long-term commitment.

In contrast, Permanent Life Insurance provides lifelong protection. As long as premiums are paid and no loans or withdrawals are taken, whole life insurance guarantees the full face amount, accumulates cash value, is priced for long-term affordability, and provides coverage for the entire lifetime of the insured individual.