- Term life insurance: offers protection for a set time frame and often has lower premiums.
- Whole life insurance (or permanent life insurance): gives coverage that lasts the entire policyholder’s life and frequently has a savings element.
- Universal life insurance: comparable to whole life insurance, but with more latitude in premium payments and death benefit sums.
- Variable life insurance: carries a higher level of risk but enables policyholders to invest a portion of their premiums in the stock market.
- Variable Universal life insurance: a mix of universal and variable life insurance.
- Return of premium term insurance: If the policyholder survives the period, all premium payments will be refunded.
- Survivorship life insurance: When the second person passes away, the policy for two people—typically a married couple—pays out a death benefit.
When selecting a type of life insurance, it is crucial to take into account your particular requirements and objectives. You can get advice from a financial or insurance agent to determine what is best for you.