Term Life Insurance

Term Insurance is the simplest form of life insurance. It pays the benefit only if death occurs during the term of the policy. Most term policies have no other benefit provisions.
There are two basic types of term life insurance policies - level term and decreasing term.
Level term means that the death benefit stays the same throughout the duration of the policy.
Decreasing term means that the death benefit drops, usually in one-year increments, over the course of the policy’s term.
Term life insurance is usually purchased in increments:
Yearly - (If you choose yearly ask about a guaranteed renewable policy)
5-year renewable term
10-year term
15-year term
20-year term
25-year term
30-year term


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Whole Life Insurance

Life Insurance


There are two primary types of life insurance - Term Life Insurance often referred to as term or temporary and Whole Life Insurance often referred to as permanent.  Also, Whole Life has several subcategories such as universal, variable universal, variable, and the traditional whole life.  The most common and least expensive type of life insurance is Term Life Insurance.

Whole Life or ordinary life is a very common type of permanent insurance policy however, there may be drawbacks to this type of policy. The basic principles behind the policy are that it offers a death benefit along with a type of long term savings account. If you buy this type of life insurance policy you are agreeing that you will pay a specific amount of money on a regular basis for a specific death benefit. When you make your payments a certain amount goes towards paying for the insurance and the extra goes into a saving account. While you are younger the cost of insurance is lower so the savings balance accumulates quickly. However, as you get older the cost of insurance becomes more expensive the older you get. As you get older the majority of your payments go towards very expensive insurance and little goes into the saving account. Once you hit a certain age the payments don't even cover the cost of the insurance and therefore withdrawals are made from the saving account the cover the premiums.

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