Differences in a Life Insurance Policy
Life Insurance Policy
A life insurance policy is sometimes referred to as a life assurance policy, it is an insurance term rarely used but it is sometimes used.
A life insurance policy can be term insurance or permanent insurance. Permanent insurance can be universal, whole or variable. Each type of life insurance policy is used for different needs. You should work with your life insurance broker to determine which type of policy best fits your insurance needs.
For temporary needs, a term life insurance policy works best. Many people purchase a term life insurance policy while they have a mortgage, or while their children are in school.
For long term or more permanent needs, a universal, whole or variable life policy is recommended. Universal and whole life policies are more fixed whereas a variable life policy invests in mutual funds, so vary according to the rise and fall of the mutual fund.
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