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A life insurance policy provides a payment to your beneficiaries without you die. Like other insurance policies, you pay a premium, monthly or annually, for variegated thresholds of coverage.
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This type of policy covers you for a set number of years. Though 10- and 20-year policies are common, some go plane longer
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You make monthly payments, known as the premium, for the elapsing of the term. If you don’t pass yonder during the term, the policy expires and there’s no payout to your beneficiaries.
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This type of insurance covers you until you die. Known as whole life or permanent life insurance,
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this kind of policy guarantees that your beneficiaries will receive a payout as long as you protract to make premium payments.
Universal life insurance Another variant of permanent life insurance, a universal policy is increasingly flexible than a whole life insurance policy.
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For instance, if you lose your job, you can reduce your monthly premium (though your coverage value will moreover decrease)
Some universal life insurance has a mazuma value tied to it. Indexed universal life insurance, for example, is tied to a stock market index.
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