There are several types of life insurance, including term life insurance, participating whole life insurance, universal life insurance, guaranteed issue life insurance and group life insurance.

Learn more about the main differences among these types of life insurance and find the type of insurance that best meets your needs.

 

Universal life insurance

Despite its name, universal life insurance is not suitable for everyone. It combines a life insurance component with an investment savings component.

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Group life insurance

This is “term” life insurance, which is in effect for the duration of your participation in the group plan. It usually ends if you change jobs or you retire.

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Term insurance

Term life insurance offers coverage over a fixed period, which means that you’ll only be covered for a predetermined period.

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Participating and non-participating whole life insurance

They generally guarantee the premiums, the amount of insurance and the cash surrender value.

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Guaranteed issue life insurance

Are you getting turned down for insurance because of health issues? Do you feel as though you’ll never find insurance? Are you familiar with guaranteed issue life insurance?

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Simplified issue life insurance

Simplified issue life insurance is coverage you can obtain quickly by answering questions about your health and without undergoing a medical examination.

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