Life Insurance – Know Your Benefits
Life insurance is not a fun thing to think about, and it may seem like an unnecessary expense. But if you have people who depend on you for financial support, then life insurance is really about protecting them in case something happens to you – your designated beneficiary would collect a financial benefit upon your death.
Types of Life Insurance
- Term: This is the simplest and generally the cheapest form.
- Whole Life: You purchase this policy to cover your entire life, as long as you keep paying premiums.
- Universal Life: This policy is similar to whole life, but has the potential for higher earnings on the savings component.
- Variable Life: A variable life policy generally has fixed premiums, and you have control over the investment decisions for the cash value portion.
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