Term - Coverage for a specified amount of time. The amount of
coverage stays the same however, the premiums increase and the policy
has no cash value at all. Some term life insurance policies can be
renewed or even converted to a whole life or permanent policy.
Whole Life - The policy has a constant or level premium and the
amount of coverage also stays the same. These policies have a cash value
and the amount of the cash value is determined by the performance of the
insurance company's asset account portfolio. This is the most
recommended coverage for long term obligations.
Single Premium Whole Life - Premium payment is made in one lump
sum, policy has cash value and the coverage stays the same. These
policies produce excellent returns and are often used to pay estate
taxes.
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