What are the different Types of Life Insurance?

ALLIANCES INSURANCE AGENCY, LLC can help you select the best life insurance coverage for your needs. There are several different types of life insurance products available – the most common include:

  • Term Life Insurance

Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term life insurance may be a good place to start. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to a 20-year (level term) period. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.

  • Whole Life Insurance

Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.

  • Universal Life Insurance

Universal life insurance is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.

So what type of life insurance is best for you? Talk with the team at ALLIANCES INSURANCE AGENCY, LLC today at 267.614.4234 and we can assist in identifying the best protection for you.