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Insurance
Life Insurance
Business Insurance
General Insurance
Health Insurance
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Life Insurance Types
What are the Types of Life Insurance?
Term life is the simplest and least expensive type of
policy. It's pure insurance with no cash value account. A term life policy
has only one function: to pay a specific lump sum to whoever you've
designated, upon a specific event - - your death. The death benefit and the
policy limit are the same - a 00,000 policy pays a 200,000 death
benefit. The policy protects your family by providing money they can invest
to replace your salary, as well as to cover final expenses incurred by your
death.
Other types of life insurance provide both a death benefit and a cash value
account. Their premiums are larger than term life premiums, because they
fund the savings account in addition to buying insurance. These policies are
often referred to as cash value policies. They include:
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