What are the 3 types of Life Insurance?
The 3 basic types of life insurance are Whole life insurance, Term life insurance and Accidental life insurance. Accidental insurance is also considered a type of life insurance. Whole life insurance is an insurance policy that sends a lump sum check upon death or it could be payments over time. There are lots of variations of these policies. Universal policies, for example, are called Universal life orUIL. Those are variations of these three kinds of policies. Typically, they are variations on the whole life side of things. Now with a term policy, you’ve also got variations there. There’s a Return of Premium term, that is, descending, ascending term policies. And then with the accidental, there are accidental policies straight across the board, there are accidental and disability policies and a few other variations as well. They’re even theft protection policies, pet insurance policies and all of those fun things.
So there are lots of variations of these three types but those are pretty much the three types of policies for life insurance. Again its whole life insurance, term life insurance, and accidental life insurance. We hope this has been helpful,n please click the button below for a free consultation or to just ask questions.