Discover the Different Types of Life Insurance Policies

There are many different types of life insurance policies and we will go thru just a few of them. I could build a site just on this one topic and maybe I will be adding some more of these. The main purpose of life insurance is to protect someone when the other dies or to pay something off (mortgage) so there would not be a burden on the surviving spouse.

You can also call a insurance agent to get a bit more personal. So lets go thru some of the difference between the types of life insurance.

Difference Between types of Life Insurance

One of the first types of life insurance policies is term life insurance and whole life insurance. These are the two most popular. Term life insurance is the cheaper of the two as far as premiums go but whole life builds a cash value during the life of the whole life policy. Term life insurance will meet most peoples needs. Then there is the alternative to term life insurance which is permanent life insurance, which is also whole life insurance and universal life insurance.

Another one of the different types of life insurance is whole life insurance as I mentioned above is the most expensive of the three (term, whole and universal), but it also guarantees a death benefit, has a cash value, and also has a fixed premium.

Universal life insurance is more expensive than term life insurance but it is less expensive than whole life insurance.

Then there is special purpose life insurance. There is adjustable life insurance, variable life insurance and much more. There are credit life insurance, group life insurance, mortgage life insurance and there are others.

So there are a few of the types of life insurance policies and I just went thru a few of them. There are many and more than this article needs to capture.