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What is the meaning of life insurance and how many types are there of life insurance? please explain in detail.
what is the meaning of life insurance and how many types are there of life insurance? Please explain in detail.
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Rucha rajesh shingvekar Best Answer
There are four major types of life insurance policies. These life insurance types are Whole Life Insurance, Term Life Insurance, Universal Life Insurance, and Variable Universal Life Insurance.
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Rucha rajesh shingvekar![best-answer]()
1)Whole life insurance Whole life insurance, or whole of life assurance, sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. 2)Term life insurance Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. 3) Universal life insurance Universal life insurance is a type of cash value life insurance, sold primarily in the United States. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest. 4) Variable universal life insurance Variable universal life insurance is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner.