What sets a term life policy apart from others is that there is a set term for payments and when the term is up the policy expires. Therefore, the benefit will not be paid if the insured outlives the set term. This type of coverage is cheaper and may be best for those who want a policy that can provide for their young children if necessary.
Life insurance at its core is very basic. If you die, it pays a benefit to a beneficiary. The sole purpose of life insurance is to protect your spouse/significant other and children from potential financial loss in the case of your death. It can also help provide the named beneficiary with financial security, income replacement, and the ability to pay off debt or any other medical or final expenses necessary.
There are three main types of life insurance. Each has different variations, but the foundation for most life insurance policies starts with either term, whole or universal.
Whole life policies have no expiration date. This option is more expensive but covers you throughout your entire life, has unchanging premiums, and allows your money to continuously grow tax-free.
Universal life insurance typically allows you to have coverage up to a certain age. This coverage is extremely flexible by permitting you to change what you pay in premiums. This type of coverage would benefit someone whose income varies.
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