The modern life insurance landscape has evolved to include various features that go beyond a death benefit, including living benefits such as:
Term insurance does not include a cash value component, meaning that value will not grow within the contract. However, term life insurance policies premiums are some of the least expensive on the market.
Permanent life insurance policies last an insured’s entire life provided certain conditions are met, such as paid premiums and contract charges. Permanent life policies include a cash value accumulation account, meaning that premiums paid over the pure cost of insurance grow at an established interest rate. The accumulating cash value may be accessed through policy loans and withdrawals, or it may simply be used to provide an increasing death benefit to beneficiaries.
There are a few common subcategories of permanent life insurance:
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