Last Updated on April 26, 2021
– Term life insurance: This type of life insurance only covers a specific amount of time and that’s because when you purchase it, you don’t pay high premiums. For example, if your life term insurance policy only covers a period of 20 years, it will automatically end by the end of the term.
– Permanent Life Insurance: whether you choose to opt for a whole life insurance policy, universal life insurance, or variable, be ready to pay higher premiums in the short term. Unlike the term life insurance, this one lasts as long as you continue to pay the premiums and allows you to accumulate cash value over time!
READ 3 Of The Most Common Misconceptions About Life Insurance That May Leave Your Family Unprotected
