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Author: ted belfour

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What are the different types of life insurance? There are mainly two types of life insurance, which is term life insurance and permanent life insurance. Term life insurance is a type of life insurance that only pays out if you die during the specific period of time that the insurance covers you for. Some term insurance policies can be renewed when you reach the end of the term, which depending on the company or policy can last from one to up to an amazing thirty years. Permanent insurance provides lifelong protection. As long as you pay the premiums, the death benefit will be paid. These policies are designed and priced for you to keep over a long period of time. Permanent policies are known as whole, ordinary, universal, adjustable and variable life.

What are the advantages and disadvantages of term and permanent insurance? The following lists will at least offer a starting point to help you determine which type of insurance is best for you.

Term Life Insurance:
Advantages
1.