What are the 4 types of life insurance policy?
Life insurance products are categorized into four primary policy structures tailored to meet varying long-term financial protection and savings objectives. The first is term life insurance, providing pure death benefit protection for a specified fixed term with no cash value component. The second is whole life insurance, offering lifelong coverage combined with a guaranteed cash value savings account that accumulates tax-deferred dividends. The third is universal life insurance, providing flexible premiums and adjustable death benefits with cash value growth tied to interest rates. The fourth is variable universal life insurance, allowing policyholders to invest accumulated cash values into sub-accounts resembling mutual funds for higher growth potential.
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