Renee Cabourne does a great job in this article describing the different types of life insurance plans that are available to consumers. From the basic term life insurance to the permanent plans along with Variable Life these policies can at times be confusing and difficult to choose one based off your current planning needs. So check out the full article at the link below and see snippets from Renee’s great article, check out her other stellar articles while your there…
Insurance 101: What types of life insurance are there?
You can become very confused when shopping for life insurance if you’re not familiar how the types of insurance policies differ from one another. There are three basic types of insurance: permanent insurance, term insurance, and variable insurance. All of these types of insurance serve a purpose, so one is not better than the other.
Permanent insurance is the oldest type of insurance and is meant to last for your entire life, basically until you breathe your last breath. It is generally the most expensive to afford. Term insurance, on the other hand, is only meant to last for a specific period of time, or “term.” The term can be defined as a number of years, for example 20 years, or for a duration of time, such as the time your children are in school. The third type of insurance is called variable insurance. This type of insurance acts like an investment—more on that later.