Life Insurance Options

A category of life insurance that stays in effect as long as the premiums are paid. Whole life insurance comes with an investment-like cash value component that grows or shrinks over time. This is a type of permanent life insurance.

A permanent life insurance policy that lasts your entire life, as long as you keep paying premiums to keep it active. When you die, it pays a tax-freecash sum to your beneficiaries. A portion of your monthly premiums go toward a component called the cash value.

A category of life insurance that is in effect for a fixed amount of time. If the insured dies before the term ends, the insurance carrier agrees to pay any beneficiaries a lump sum of money. This category has no cash value but can have a significantly higher face value for lower premiums than an equivalent permanent life insurance policy.