For example, your policy might require you to pay $3,500 a year for a $300,000 benefit as long as you continue paying the premiums, the policy will pay out the prescribed amount to your beneficiary upon your death. Whole Life plans charge a premium that remains the same for your entire life, and they pay a benefit that also stays constant.These three types of permanent life insurance differ mainly in terms of how much you pay in and how your benefit is determined: As long as you continue to pay the premiums, each of these types of insurance policies will provide you with a benefit upon death regardless of how long you live. The main types of permanent life insurance include whole life, universal life and variable life. It’s important to understand the different types of whole and term plans available to you before you buy a life insurance policy, so below is a breakdown of the different types of policies you can choose from within the permanent and term life categories: Permanent life insurance Permanent life insurance policies provide coverage for the entire length of your life, while term life insurance only provides coverage for the specific length of the term that you selected. First, you should familiarize yourself with the two main types of life insurance – Permanent Life Insurance and Term Life Insurance.
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