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Term Life Overview
Term life insurance is the easiest to understand and usually the easiest to afford.
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Your policy has a term or length of time that it is in effect. A ten-year policy is for ten years of coverage. If you die in that term period, your policy will pay its face amount. Face amount is the amount of coverage you buy. For example, if you have a $100,000 face value, your insurance company will pay your loved ones $100,000 when you die.

Usually, you have to pay a certain amount of money every month or quarter. These payments are called premiums. If you miss a payment, your coverage may not be in effect.

Some policies can be renewed, but you may have to pay more as you get older. You may be required to take a physical examination when you renew your policy.

Whole Life Insurance - A Brief Overview
Whole life insurance has premiums or payments that usually stay the same time and last your entire lifetime.
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Some of the money you pay into a whole life insurance policy will accumulate like a savings plan. This is called the "cash value" of your policy. Your cash value depends on how much insurance you bought in the first place and how much you are paying for it. Some insurance companies will even add to the cash value of your policy by returning dividends.

The cash value of your policy is guaranteed based on the guaranteed minimum interest rate stated in the policy. However, insurance companies cannot guarantee dividends.

You can borrow against your cash value. However, if you do this, you will reduce the death benefit (paid to the beneficiary) proportionately. The interest earned in a policy generally accumulates tax-deferred.

Universal Life Overview
A universal life insurance policy accumulates cash value. It allows you to adjust the death benefits and amount you pay for coverage. Because this kind of life insurance lasts a lifetime, the built-in flexibility allows you to change your policy as your need for life insurance changes. For example, you may need different coverage when your children are young compared to when you are retired. However, many policy holders choose a level death benefit.

If you keep paying your premiums, a portion of your payment accumulates and earns interest. This money is tax deferred. You can surrender your policy for its cash value if you need to or borrow from it, but this reduces the value of your coverage.

Some universal life policies make allowances if you become disabled and cannot pay premiums. Some have "guaranteed insurability" which means you are covered even if your health declines.