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Understanding Life Insurance

There are thousands of life insurance products spread out amongst a few hundred life insurance companies, but they can all be categorized into several different plan types and options.

Main Types to Know

Term Life Whole Life Universal Life Variable Life
Duration 1 to 30 Years Life Life Life
Premium Can increase periodically OR can be guaranteed level for the duration of the policy Level Varies, up to the customer (subject to federal tax laws) Level
Guaranteed Death Benefit
How Cash Value Grows (or shinks) No Cash Value Earns interested at a predetermined fixed rate Variable rate determined by the insurer Subaccounts – pool of investor funds offered by the insurer.
NOTES No risk of losing coverage, but no cash value when term ends No risk compared to permanent types Risk of ending up with expensive insurance policy with little to no cash value.