What Life Insurance Types Are There?
There are basically 2 types of life cover:
- Term Life Cover
- Whole Life Cover
Term Life Insurance
With this life insurance you choose certain terms for your money to pay out with a fixed monthly rate. There are 2 options when the term is reached, either you forgo the cover or get further cover.
Whole Life Insurance
This is policy is guaranteed to stay in tact for the person’s entire life. The premiums are fixed and as long as it gets paid every month or year as specified, the life insurance would be working.