5 Types of Life Insurance
1. Term insurance. Plans have a predetermined, but renewable term. No cash value.
2. Whole life insurance. Premiums can be fixed. A percentage of premiums goes toward the policy’s cash value.
3. Universal life insurance. Premiums can fluctuate or even be deferred within certain limits. Cash values can be withdrawn.
4. Variable life insurance. Policy’s cash value is invested in the insured’s choice of investment.
5. Universal variable life insurance. Flexible premiums, modifiable face values and investment options.