A life insurance policy provides you and your family with security; it gives financial protection to a family when the bread-winner passes away. Death is inevitable; therefore, family planning is important for those who are married, life insurance is a must in order to replace the lost income in the event of the bread-winners death.

Many people out there have considered getting a policy, but the insurance types and policies are so vast, that it becomes fairly time consuming for one to obtain all the necessary information on a policy. Sometimes you may find the suitable coverage, but the premium is too high or its affordable, but the benefits you obtain with it is unsatisfactory. All life insurance policies are essentially the same, whether you desire a policy with or without cash value or with dividend and investment.

Term Life Insurance

This is the most basic type of life insurance; it has the cheapest premiums since it is designed solely for life protection only it provides the buyer with no cash value. Term life insurance is not a saving plan; it has various types of policy, such as increasing and decreasing term, or ten, twenty and thirty stage term. If you desire a policy solely for life protection then term life insurance is ideal for you, otherwise you should look at other policies.

Whole Life Insurance

Many individuals find this policy unaffordable, but it has been selling for many years now and has proven to be one of the most popular in the market. The reason is because it has cash value, it’s essentially a saving plan. This policy will provide the buyer with death benefit and the cash value can be withdrawn at any time if needed.

Universal Life Insurance

This is another option that provides the buyer with the same benefits as whole life insurance, but the premium is put into an investment with dividends made payable to the buyer, this is one of the primary benefits because it gives the policy holder a higher return on their investment.

Endowment Life Insurance

This policy has a much higher premium than the others because it has short term maturity and is designed as a saving plan. It’s highly recommended for young people who want to save money and in the mean time have coverage. At maturity, a lump-sum of money is made payable to the policy holder which can later be used for further investment.

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