A contract between an insurer and a policy owner that guarantees the insurer pays a sum of money to named beneficiaries when the insured dies
Term Life InsuranceIncreasing term life insurance
Level Term life insurance
Decreasing term life insurance
Universal life insurance
Whole Life insurance
variable life insurance
Term life insurance is a form of policy where the premiums are fixed for a predetermined amount of time, typically 10, 20, or 30 years. The flat premium period will end, and premiums will often rise after that. As long as the premiums are paid, coverage is maintained.
As long as you continue to pay your premiums in accordance with the terms of the contract, whole life insurance keeps you protected for the duration of your life or until the policy matures. And for the duration that the policy is in effect, those premiums won't change.
Universal life is permanent insurance that may also accumulate a cash value. It offers more flexibility, though. You can tailor a policy to meet changing priorities with flexible premiums2 and face amounts. Universal life also offers you more control over how quickly your cash value grows.
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Help Protect Your Family
Due to its simplicity and low cost, term life insurance is one of the most widely used types of life insurance. It can enhance other coverage you might have through an employer or help you pay for financial obligations like a mortgage and education expenses.