To put it simply, life insurance provides a tax free death benefit to insured person's beneficiaries. It is available in three main forms:
Term Life Insurance: provides guaranteed rates and coverage, with prices renewing depending on the term selected, most commonly every 10 or 20 years (known as Term 10 or Term 20). This is a cost effective coverage type, and is often used to protect mortgages. The plan you select should be renewable and convertible, so that in the future you have the option to change your coverage to a permanent Whole Life or Universal Life plan as your needs change.
Whole Life Insurance: provides permanent protection with guaranteed level premiums and death benefit. This type of coverage can gain cash values the longer the policy is in force. This coverage is excellent for those who know they would like lifetime protection and are willing to spend more than for Term Insurance.
Universal Life Insurance: provides permanent protection, along with the option to invest in a tax sheltered environment by over-funding the policy. This coverage is well suited for those who are concerned about estate preservation and estate planning.
For those who may not be insurable, or who have been declined for life insurance coverage in the past, there are Guaranteed Issue Insurance plans which may be able to provide life insurance coverage without medical evidence.
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