An Introduction to the Different Types of Life Insurance [infographic]
The Catawba River Insurance Group • March 15, 2024
Purchasing life insurance is a great way to protect your family members and your peace of mind. As you shop for this type of insurance, you’ll quickly notice there are several types, each with its own advantages and features to meet unique needs and financial goals.
Term Life Insurance
- Term life insurance provides coverage for a specified period of time, such as 10, 20, or 30 years.
- If the insured person passes away during the term, the policy pays out a death benefit to their beneficiaries.
- This is a popular option for individuals seeking temporary coverage at a lower premium.
Whole Life Insurance
- Whole life insurance provides coverage for the entire lifetime of a person.
- This insurance includes a cash value component that grows over time.
Universal Life Insurance
- Universal life insurance is a flexible type of permanent insurance that lets you adjust your payments and benefits over time.
- These policies include a cash value component that earns interest at a variable rate.
- You can use the cash value of your policy to pay premiums or borrow against it.
Variable Life Insurance
- Variable life insurance combines a death benefit with a cash value component you can invest in sub-accounts, like stocks or mutual funds.
- The death benefit and cash value of these policies fluctuate, depending on the performance of the underlying investments.
The post An Introduction to the Different Types of Life Insurance [infographic] first appeared on The Catawba River Insurance Group.
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