If you are looking to secure the right life insurance to fit your needs and lifestyle, you actually have several options that you can choose from.
Here are the different life insurance options you should consider.
Term Life Insurance
Term life insurance is the most affordable option because these policies offer coverage for a set amount of time.
Your coverage only lasts for a specified term of usually 5 to 30 years, therefore, you can ask for a fixed rate that allows you to budget your payments.
Whole Life Insurance
Whole life insurance is a permanent form of life insurance that offers you coverage that will not expire. Unlike term life policies, whole life policies allow you to carry coverage indefinitely.
Because this coverage spans the entirety of your life, they tend to have higher payments as compared to term life policies.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance with an investment savings element, therefore, these policies can accumulate cash value and earn interest the longer you have them.
Policyholders are allowed to access this cash value without compromising their guaranteed death benefit.
There is a certain amount of risk associated with universal life insurance policies; while you hope that your policy will increase in cash value, there is a chance that this value will fall.
These policies are usually only a good fit for people with disposable income who are looking to diversify their investments.