10 TYPES OF LIFE INSURANCE POLICIES-WHICH POLICY IS BEST FOR YOU?

We’re on a mission to help you find the best life insurance provider for you. Every situation and family is unique, so you shouldn’t settle for anything less than a customized approach to your life insurance. For starters, we answer the most basic question …

A life insurance policy is a contract between an insurance provider and the insured. Per the  contract, the insured makes regular payments to the provider, with the company promising to pay out a settlement to the insured’s beneficiaries upon his or her death. There are many types of life insurance – whole life, term life, universal life, among others – and hundreds of insurance companies, each with unique requirements. So, it’s best to shop around and select a policy that meets your needs and budget before settling on a policy.

So, Which Policy is Best for You?

While there are many hybrids and different types of life insurance options, we have focused on the core policies (including term life, whole life, guaranteed universal, variable life insurance, and more). Our list breaks down eight of the most common life insurance types, as well as some recommendations on what might be the best product from among our picks for the best life insurance companies.

Term Life vs. Whole Life

In general, there are two main types of life insurance policies: term life and whole life.

  • Term life is a policy that covers you for a set period of time, typically, 10, 15, 20, or 30 years. Once the policy expires, so does the coverage.
  • Whole life policies provide permanent coverage that last a lifetime as well as guaranteed premiums and a guaranteed cash value.

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