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Types of Life Insurance Policies

There are four basic types of life insurance to choose from. If you consider buying life insurance make sure you understand these forms of policy. The most common is called term life insurance. It's very straightforward and less expensive than other types of insurance. It enables policy holders to cover estate taxes, college costs, mortgage an funeral expenses upon their death. This policy is recommended for young people who are in good health.

Whole life insurance offers coverage for your entire life and not for a specific term. With this type of policy you can build a cash value account. Universal life insurance is more flexible than variable or whole life. Universal life premiums are usually less expensive than whole life rates. Universal life policies provide high projected interest rates and a wide array of investment choices. Variable life insurance offers more investment opportunities including stocks. This form of life insurance is similar to universal coverage. Variable policy is recommended to the more risk-oriented policy holders.

Each type of policy has its pros and cons. Before deciding on a type of policy make sure you speak with a good insurance agent who can explain the differences between your options and help you make the right choice.

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