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Types of Life Insurance
There are two (2) main types of life insurance: term life insurance and permanent life insurance.
Term life insurance simply covers you for a specified amount of time (10-, 20-, and 30-year policies are the most common).
Term Life Insurance
Term life insurance is the more affordable option to protect your loved ones. If you pass away during the term of the policy, your beneficiaries receive a payout. However, if you outlive the term, the policy expires without any payout. It’s typically more affordable than permanent life insurance because it only covers you for a set time and doesn’t build cash value. The term may be 10-,20-, 30 years.
Permanent Life Insurance
Permanent life insurance is a type of life insurance that provides lifelong coverage. Unlike term life insurance, it doesn't expire after a set period. In addition to offering a death benefit, permanent life insurance also builds cash value over time, which can grow tax-deferred. This cash value can be borrowed against or used in other ways, making it a flexible financial tool for long-term planning.