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Types of Life Insurance |
Whole Life Insurance provides coverage for the insured's entire life, provided the premiums are paid as specified in the insurance policy's contract.
- Whole life insurance builds cash value.
- Whole life insurance includes traditional, adjustable, joint and variable life.
Term Life Insurance provides coverage on the insured for a specified period of time.
- Term life insurance does not build cash value.
- Term life insurance includes level, adjustable, renewable, increasing, decreasing and convertible life insurance.
Universal Life Insurance provides whole life coverage, but allows the policyholder to change the death benefit and vary the amount and timing of premium payments after the policy is issued.
Group Life Insurance provides coverage on a group of individuals, usually employees of a business or members of an organization.
- In general, the employer or organization is the owner of the policy and the coverage is in the form of term life insurance.
Consumer Guide Home / Types of Riders / Life Insurance Terms
