Agent, Rural Mutual Insurance Co., Union Grove, WI
There are more than you can count. Every carrier has there own policies available with various offerings and exclusions. The basic types of life insurance are term (active for a set number of years), whole life (permanent insurance), and universal (flexible payment schedule may be available). Term insurance typically does not build any cash value, where as whole life and universal life have the potential to build some cash value under the right conditions.
There are two main types of life insurance, term and permanent, The other types of policies fit into those two groups.
Term insurance covers you for a period of time, called a term. Term insurance is usually, but not always, guaranteed not to go up in price for that term of years. It usually does not have any cash value.
Permanent insurance can cover you for the rest of your life, or permanently. But you need to check on the terms of permanent insurance, as not all are guaranteed to cover you for the rest of your life, and for some, the premium is not guaranteed to remain level. Permanent insurance usually has some cash value.
To be sure you are buying the best type of policy or policies for your needs, contact a licensed agent to help you determine which type of life insurance will cover the loss you intend it to cover.
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Term insurance covers you for a period of time, called a term. Term insurance is usually, but not always, guaranteed not to go up in price for that term of years. It usually does not have any cash value.
Permanent insurance can cover you for the rest of your life, or permanently. But you need to check on the terms of permanent insurance, as not all are guaranteed to cover you for the rest of your life, and for some, the premium is not guaranteed to remain level. Permanent insurance usually has some cash value.
To be sure you are buying the best type of policy or policies for your needs, contact a licensed agent to help you determine which type of life insurance will cover the loss you intend it to cover.