Life Insurance

Life Insurance is insurance that will protect your family and/or specified dependents in the event of the policy holders death. In general, it's an essential component in planning for the future. There are many options with coverage, depending on your situation. And there are main categories of life insurance: term life, universal life and whole life insurance. Term life is the simplest and least expensive type of policy. It's pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whoever you've designated, upon a specific event your death. The death benefit and the policy limit are the same a $200,000 policy pays a $200,000 death benefit. The policy protects your family by providing money they can invest to replace your salary, as well as to cover final expenses incurred by your death. Other types of life insurance provide both a death benefit and a cash value account. Their premiums are  larger than term life premiums, because they fund the savings account in addition to buying insurance. These policies are often referred to as cash value policies. Whole life insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various account.
What it does
It pays a death benefit to the beneficiary your name and offers you a low risk cash value account and tax deferred cash accumulation. It provides a fixes premium which can't increase during your lifetime as long as you continue  to pay the planned amount. It allows the insurance company to exclusively manage the cash value account in your policy. It provides you the option to receive dividends from your policy or apply them to reduce payments. It offers you the right to withdraw from the policy during your lifetime.
What it doesn't do 
It doesn't offer the account flexibility to invest in separate accounts such as money market, stock, and bond funds. It doesn't allow you the account flexibility to split your money among different accounts or to move your money between accounts. It doesn't offer premium flexibility. It doesn't  offer face amount flexibility. Universal life insurance provides permanent protection for your dependents and is more  flexible than whole or variable life.
What it does
It pays a death benefit to the beneficiary yo name and offers you a low risk cash value account and tax deferred accumulation. It allows you to earn market rates of interest on your cash value account. It offers the right borrow or withdraw from the policy during your lifetime. It allows you premium flexibility. It offers face amount flexibility.
What it doesn't do
It doesn't offer you the account flexibility to invest in separate account such as money market, stock, and bond funds.
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