Term Life Insurance Term life insurance is the most basic kind of life insurance. It provides affordable protection for a pre-defined period of time, so it is often used to serve temporary protection needs.
Permanent Life Insurance
Permanent life insurance — including whole life insurance and universal life insurance — is used when protection needs are more long term. There are many kinds of permanent life insurance, each of which has unique features that make it appropriate for certain situations.
The two main categories of permanent life insurance are fixed and variable.
Fixed life insurance products accumulate cash value at a pre-defined, guaranteed
minimum interest rate or guaranteed cash value while variable universal life
insurance products are designed to provide an insurance benefit under your policy,
but do not guarantee a minimum rate of return. They will fluctuate up and down
depending on the performance of the applicable investment divisions.
Survivorship Life Insurance Survivorship life insurance is a life insurance policy that covers two individuals and
provides a life insurance benefit after the death of the last surviving insured. Survivorship policies can be
whole life, universal life, or variable universal life insurance.
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