Term Life Insurance: Provides life insurance protection for a limited period of time (typically between 1 and 30 years). Term Life Insurance can be an affordable way to protect your family and assets but only provides benefits if the policyholder dies during the specified time period.
Universal Life Insurance: This type of life insurance has flexible premiums and adjustable benefits. One benefit of universal life policies is that the premiums are flexible. The premiums earn interest and determine the final payout.
Whole Life Insurance: This type of life insurance provides protection for the entire life of the insured. This type of insurance may also be referred to as permanent or ordinary life insurance.