The different types of life insurance policies and their key features
Term life insurance
Whole life insurance
Whole Life vs
Term Life Insurance
Universal life insurance.
Final expense insurance.
Simplified issue and guaranteed issue insurance.
Group Life insurance. From work where you employeed.
What are 4 types of whole life policies?
Whole life insurance has several variations, including limited payment, modified, single-premium, and variable whole life. Different types offer alternative payment options or
Whole life and universal each comprise about one-third of market share by life insurance premiums, according to the latest LIMRA figures. Term life is next with 20% and variable universal is at 13%.
However, universal life has become a much more popular offering over the past year. The number of universal policies increased 69% from third quarter 2020 to third quarter 2021. Meanwhile, the number of whole life policies increased by only 1% and term life decreased by 7%.
Overall, the number of life insurance policies increased by 5% between third quarter 2020 and third quarter 2021.
To learn more about LIFE INSURANCE
https://www.limra.com/siteassets/newsroom/fact-tank/fact-sheets/facts-of-life-2021-format-vfinal.pdf
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