You might consider purchasing life insurance for a number of reasons. One of the first considerations in your pursuit of the right policy is understanding the various types and how each relates to your situation.
Life insurance policies fall under two broad categories: term and permanent. With a term policy, you purchase a death benefit amount and determine how long you want to hold the policy; it pays out a death benefit if the owner passes away during the specified term. Permanent insurance policies, in addition to providing a death benefit, feature a cash value account that, over time, builds up a balance you can access. [Read more…]