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Life Insurance - in the event the insured dies the policy pays out a tax free amount to the beneficiary. There are three types:

  1. Term Insurance - Insurance coverage for a stated term. This a great way to cover temporary insurance needs.
  2. Whole Life - provides permanent coverage with a guaranteed death benefit and level premiums. Plan gains value over time and is subject to investment gains and loses.
  3. Universal Life - provides permanent insurance with an optional tax sheltered investment component. Death Benefit can be level or increasing making this an excellent option for estate preservation and maximization.
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Q: What are the different types of life insurance?
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