There are a variety of Life Insurance Products. We outline them below.
Term Life Insurance
Term life insurance is considered an economical form of coverage and is often used if life insurance is needed only for a limited period of time.
The policy was originally created for the entertainment industry. The proceeds indemnify the entity for the loss of revenue due to the death of a key person.
Whole Life Insurance
Traditional whole life insurance combines a death benefit with an accumulation element, often referred to as the policy’s cash value.
Universal Life Insurance
Universal life is a variation of whole life with added flexibility. This flexibility allows the policy owner to modify (within certain limits) the policy face amount or corresponding premium in response to changing needs or circumstances.
No-Lapse Guarantee Universal Life
As a result of the lack of flexibility combined with guarantees in insurance products, No-Lapse Guarantee Universal Life (NLG) was created.