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What type of Life Insurance will be best for my family?

 

There are 4 major types of life insurance:

 

  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance
  • Variable Universal Life Insurance

     

    Term Life Insurance is best described as a policy for which you pay over a specific amount of time. In the event that you die within that period of time, your beneficiaries will receive a payoff. People that are under the age of 40 will find this package less costly than a whole life policy. These policies generally do not build in cash value. However, they can convert over to a whole life policy without a mandatory physical. Term insurance is best described as a policy for which you pay over a specific amount of time.

     

    Whole Life Insurance is the most traditional policy sold; this has a cash-value build up, sometimes offers dividends, and provides death benefits. This is not a policy that needs to be renewed constantly, as long as the payments are made, the policy will continue until death. Whole Life is the most traditional policy given.

     

    Universal Life Insurance is similar to the whole life policy. However, it offers more flexibility in many ways; you will have different options in cash value growth and the payment of premiums.

     

    Variable Universal Life Insurance policies will give you the option to choose the investments for your cash value. This is more risky, but simultaneously gives you more control over where this money is invested.
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