There are different kinds of life insurance policies such as term insurance, whole life insurance, and variable universal life insurance. Each one offers protection, but has its own unique advantages and features too.
Term life insurance has a specific end-date, whether it’s one year, five years, 10 years, 20 years, or 30 years. Whole life insurance is valid for the rest of your life, so your dependents are guaranteed a payout no matter the age of your death. Meanwhile,variable universal life insurance invests a part of your policy in a variety of investment vehicles such as stocks and bonds. However, you’re not guaranteed a fixed interest rate.