Basic Types of Life Insurance
Term Life
This insurance plan guarantees a determined death benefit during a specified term. The plan is used as a form of financial protection against the loss of life since it can help settle funeral costs, mortgage debt, and more.
Whole Life
This policy covers the contract holder for the rest of his or her life and guarantees payment of a death benefit to the beneficiaries. It also has a savings component where interest can accumulate.
Universal Life
Universal life insurance offers more flexibility than whole life insurance, as policyholders can adjust their premiums and death benefits. This plan also has an investment savings element, which earns dividends based on the minimum interest rate or the current market.
Basic Wills and Trusts
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