Life Insurance Choices
We all want our loved ones to have financial benefits when it is our time to pass on. Life insurance is just for that reason, to leave a benefit to a particular person or group that you name as your beneficiary. Life insurance is sold in two forms: permanent and term.
The Term life insurance will pay your benefits only if your pass away during a specified time frame. During this term, your premium will stay the same, but once it expires and you choose to renew it, your premium will raise. Permanent life insurcane will go as long as you pay for it and premiums stay the same. Your premiums will cover the cost of the insurance and part will go toward a tax deferred investment that builds cash value.
Permanent life insurance comes in two types: whole and universal. The more strict of the two is Whole life insurance with one level of payments always. The Universal is flexible in payments as well as death benefit amounts.
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