Purpose of life insurance is to protect yourself and people you love in case of any unexpected personal & financial loss. There are different kinds of life insurance products in the market which are important to understand before making a final decision. These products are explained as below :

 

Term Life Insurance

Term life insurance is an insurance to cover the immediate and temporary needs for a set period of time. It is inexpensive and can be easily afford by an individual. There is also the conversion & renewable options available in these policies to change into whole life plans. There are different period of insurances available to meet the needs of an individual. Which are as follows :

• 10 Year Term
• 20 Year Term
• 25 Year Term
• 30 Year Term
• 35 Year Term
• 40 Year term

Universal Life Insurance

It is an insurance protection which provide tax sheltered investment and savings component with it. The best part of this insurance is that it is flexible enough to change your payment period as per your financial ability and comes with the option to keep increasing your death benefit continuously.

Whole Life Insurance

With this insurance one can get financial protection with guaranteed premium payment period and guaranteed surrender values. However, unlike universal life insurance, one can get access to the savings in the policy only through loan or surrender of the policy.