Tuesday, August 3, 2010

Types of Life Insurance

Types of Life Insurance

term life insurance, types of life insurance policy, different types of life insurance policies

Now there are different types of life insurance policies available in the market, some policies allow the insurer to participate in the profits of the insurance company; others give the assurance to return certain percentage of the investment independent of the profit of the company.

The types of life insurance pollicies can be divided into two types:

1. Whole Life Insurance (or Permanent Life Insurance): The permanent life insurance policy is a life insurance policy which covers the whole life of an individual. This is why it is also called whole life insurance.

2. Term Life Insurance: In term life insurance policy an individual can buy a life insurance policy that covers a fixed number of years and hence the name term life insurance. Term life insurance can be one to hundred years.

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