Types of Life Insurance Policies

Permanent life insurance and term life insurance are the two main types of life insurance. Universal and whole life are two types of permanent life insurance. Read on to learn about the different kinds.

What is life insurance with a term? Term life insurance is a type of life insurance for a short time. The length of time that a term life insurance policy is in effect, or its term, is what makes it what it is. A term can last anywhere from one year to thirty years.

Some companies let you renew your policy for another term after the first one is over, but the price is usually higher than it was for the first term. Term life insurance policies can also be changed into permanent policies or renewed for another term.

Read our guide to term life insurance to learn more.

What is life insurance that lasts forever?

A permanent life insurance policy is meant to cover your life for a long time. Most of the time, there are two parts to these policies: the death benefit and the cash value.

Depending on the policy, the cash value can be used as a way to save money or as an investment. Whole life and universal life policies are both examples of permanent life insurance.

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