What Are The 3 Types Of Life Insurance?

Term Life Insurance: This type of insurance provides coverage for a specific term, usually ranging from 10 to 30 years. However, if the policyholder survives the term, there is no payout.

Whole Life Insurance: This type of insurance provides coverage for the entire life of the policyholder. It has a cash value component that grows over time, and the policyholder can borrow against it or even surrender the policy for a cash payout.

Universal Life Insurance: This type of insurance combines the features of term and whole life insurance. It offers flexible premiums and death benefits, and the policyholder can adjust the coverage as per their changing needs.