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Breaking Down the Different Types of Life Insurance

July 28, 2021

Life doesn’t come with a manual. It can never prepare you for those unexpected days. Having a life insurance policy can help your loved ones in the case that you may be unable to take care of them, or if you’re young, it can help prepare you for that moment. Many people opt to buy life insurance so that their families have financial security in the case of death. However, there are many different policies to choose from. Here are the different types of life insurances that one must think about before one makes a decision.


The Different Types of Life Insurance:


Term Life

Term life insurance differs from other life insurance policies in that it is the only one that isn’t permanent. It provides coverage for up to 30 years and compared to other types of insurance policies, term life insurance is the most affordable option as it is only in place for a set amount of time. Payments, or premiums, are determined based on how much the policy is, as well as age, gender, and health of the person. However, a disadvantage of the plan is that if you outlive the policy, you and your beneficiaries will not receive the money that you paid. 


Whole Life 

Whole life insurance, the most common type of life insurance, lasts for a policyholder’s lifetime. As opposed to a term life insurance’s affordability, whole life insurance is usually more expensive. It is a cash value insurance, meaning it has a tax-deferred savings account and a death benefit. An advantage of being a cash value insurance is that the cash value has living benefits and you can use it as a loan once you accumulate a good amount of money. 


Universal Life 

Universal life insurance is another type of permanent life insurance. Like whole life insurance, it has both a cash value and a death benefit. It is considered a more flexible plan since you can adjust the amount you pay for your premium and death benefit. Nonetheless, the cash value has an interest rate based on market conditions or the minimum interest rate.



At Small & Son Insurance, we ensure that not only will you receive the best coverage, but that you have peace knowing that you will be prepared for life’s unpredictable moments. Be sure to contact us at (570) 421-0111 or through our website for more information regarding life insurance!

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