Essentially, insurance companies offer two different types of life insurance policies: Permanent and Term.
* Permanent insurance: Permanent insurance coverage such as whole life, universal life and variable universal life have the potential to provide coverage to a specified maturity date.
* Term insurance: Coverage that lasts for a specific time period and has two components: premium and death benefit.
Other facts about life insurance that you need to know:
* Life insurance is an essential part of financial planning.
* Income tax-free death benefit proceeds payable to your beneficiaries.
* Needs and goals determine the amount to own.
* Helps ensure that your dependents are not burdened by debt.
* The younger and healthier you are when you purchase life insurance, the less it will cost you to own a life insurance policy.
* Life insurance needs should be reevaluated when major events occur in life such as marriage, the birth of children or a business startup.
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