LIFE INSURANCE
Life insurance can be simplified into two groups, Permanent and Temporary life insurance.
Permanent Life Insurance (Whole Life or Universal Life Insurance) is termed that way because it does two things for the insured
- Guaranteed insurance for the life of the insured
- Cash Value
Temporary Life Insurance is described that way because this coverage is what most of us have heard as Term Life Insurance. The insured is covered for a set period of time such as 20 or 30 years and then it will come to an end. If the insured does not die during this period of time, then there will not be any compensation to the insured or beneficiaries. This is the least expensive of the two types of life insurance. It normally does not include any cash value with it.
As you can now think about the two types of life insurance, this should help you determine your insurance needs for your particular situation.
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