Term life insurance. Term life insurance is a lot like the life insurance part of whole life insurance, except that it ends after a specified number of years. Because the term is so much cheaper than whole life insurance, you can buy a lot more coverage (meaning a larger death benefit) for the same amount of money. The term is popular among financial experts because it’s relatively cheap and easy to understand. It is pure protection, with no cash accumulation component. Learn more about whether you should buy term or whole life insurance.
Other permanent (cash value) life insurance. There are other types of permanent life insurance policies besides the whole. They are called variable life insurance, universal life insurance, and variable universal life insurance. These all differ in how the cash value portion of the policy works. Whole life is the simplest and least risky version because its cash value portion is a simple savings account, whereas the other three all incorporate an investment product with variable returns.
For more information, please contact me. I will be happy to help with whatever questions you have. www.rgwealthsolutions.com +6011-51565649
Comments