The best way to get started when you’re browsing around for a life insurance policy is to know that there are actually two types of policies: term life insurance and life insurance. Term life insurance (the “term”) lasts for a fixed period of time and ends at the conclusion of the policy. In comparison, wholesale insurance is a type of permanent life insurance. There are more insurance policies, each with its own benefits and disadvantages, that fall into these two categories.
The different types of life insurance are:
- Term Life Insurance
- Whole Life Insurance
- Universal Life (UL)
- Variable Life and Variable Universal Life insurance
- Indexed Universal Life Insurance (IUL)
- Final Expense