Get Richer Today With Fundamental Life Insurance Secrets
Types of Life Insurance and Their Financial Benefits
There are two main types of life insurance: term life and permanent life insurance. Term life insurance provides coverage for a specific period and is generally more affordable, focusing solely on the death benefit. In contrast, permanent life insurance, which includes whole life and universal life policies, offers lifelong coverage and the ability to build cash value over time.
Permanent life insurance policies accumulate cash value that can be borrowed against or withdrawn, providing a potential source of funds for emergencies or investment opportunities. Moreover, these policies often come with tax-deferred growth, meaning the cash value can grow without being subject to immediate taxation1.