Surely anyone who has been in the market to purchase a life insurance policy has run into the confusing array of plans available. The following will give you a brief summary on two of the most popular life insurance coverage choices: Choosing between term or universal life.
Term Life Insurance
The first thing to understand is that term life insurance is known as pure insurance. That means that term life is straight life insurance and does not build any cash value. You can buy this coverage for a certain amount of years, known as the term, and once the term is over you may either renew the policy for another set amount of time or simply walk away. The advantages of term life insurance is that it is the least expensive life insurance policy because it serves no other purpose other than to give your beneficiaries peace of mind knowing they are financially protected in the event of your untimely death. It is basic and to the point.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance. Permanent life insurance policies offer death benefits and a “savings account.” Unlike term life policies, permanent policies...
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