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| That means it has no predefined period of coverage. Term is attractive to many because if offers cost effective coverage. One of the most popular types of life insurance is term. Term policies insure someone for a predetermined amount of time such as 5, 10, 15, 20 or even 30 years. Life insurance is the only type of insurance that insures against an absolute certainty. As long as premiums are paid, it will remain in force until the insured dies. Whole life also accumulates cash value which can be borro against by the policy owner, then used however they like. Life insurance comes in a variety of types to satisfy just about anyone's needs. It answers the age old question, who will take care of your family if you were to die unexpectedly. It is designed to provide financial security when someone dies. Whole life policies are a type of permanent insurance. Like Whole life, Universal offers a type of permanent insurance. The downside of term insurance is that once the policy's term is done, the insured does not have coverage. The premium may remain level or change during that term. Buying a new policy can sometimes be challenging at that point since the insured is older and thought of as a higher risk by insurance companies. |