| When most people think of life insurance, people | | | | premium, and on your death, your family gets the |
| have one idea: you pay a monthly fee in the hope | | | | large lump sum (for example, $100,000, or |
| that when you die, the life insurance company will | | | | $200,000) called a death benefit. |
| pay your family a large cash sum, so that they | | | | Whole Life Insurance |
| will be taken care of when you are gone. | | | | Whole Life Insurance is a little different. You can |
| However, not all life insurance policies are the | | | | withdraw from the policy at any time, your |
| same, and it is important to know the differences | | | | premiums are fixed, and lets the insurance |
| when purchase life insurance. | | | | company have complete management control |
| There are five different types of life insurance: | | | | over your account. However, whole life insurance |
| · Term Life | | | | is less flexible than most plans, with no flexibility |
| · Whole Life | | | | with face value or premium rates. |
| · Variable life | | | | Variable Insurance |
| · Universal Life | | | | Variable Insurance has several differences, one |
| · Universal Variable Life | | | | main difference which is that you can borrow |
| Term Life Insurance | | | | money from the policy while you are still living. |
| Term Life Insurance is what most people think of | | | | The variable insurance plan is much more flexible |
| when they think of life insurance; it is the easiest | | | | ad give permanent protection for your |
| and least expensive type. You pay the monthly | | | | beneficiaries. |