Term life insurance is a type of life insurance policy that provides coverage for a specified period of time, typically ranging from one to thirty years. During this period, if the policyholder passes away, the insurance company pays out a death benefit to the beneficiary, which is typically a spouse, child, or other family member. One of the benefits of term life insurance is that it is generally less expensive than other types of life insurance, such as permanent life insurance. This is because it provides coverage for a limited period of time, rather than for the entire duration of your life. Another advantage of term life insurance is that it is typically easier to understand and purchase than other types of life insurance. You can choose the length of the term that best fits your needs and budget, and you pay a fixed premium throughout the term. However, it's important to remember that term life insurance only provides coverage for the specified term. If the policyholder outlives the term, the policy expires and there is no payout. Some policies may allow for renewal at the end of the term, but the premiums may increase. I hope that helps explain term life insurance to you. If you have any further questions, feel free to ask.

Whole life insurance is a type of life insurance policy that provides coverage for the entire duration of your life, as long as you continue to pay the premiums. It's different from term life insurance, which only provides coverage for a specified period of time. One of the benefits of whole life insurance is that it includes a savings component, known as cash value. This means that a portion of your premium payments goes toward building up a cash value within the policy, which can be borrowed against or used to pay premiums in the future. Another advantage of whole life insurance is that the premiums are typically fixed for the life of the policy. This means that you won't have to worry about your premium increasing as you age or if you develop health issues. However, whole life insurance tends to be more expensive than term life insurance due to its lifelong coverage and cash value component. It may also be more complex and require more attention to detail when purchasing. Common riders for whole life insurance policies include accelerated death benefit, accidental death benefit, and long-term care rider. I hope that gives you a good understanding of whole life insurance. Let me know if you have any other questions.

Universal life insurance is another type of life insurance policy that provides coverage for the duration of your life. It's similar to whole life insurance in that it includes a savings component, but it's more flexible in terms of premiums and death benefits. With universal life insurance, you have the ability to adjust your premiums and death benefits over time, which can be useful if your financial situation changes. The savings component, known as the cash value, can also be used to pay premiums or taken out as a loan. However, universal life insurance can be more complex and require more attention to detail when purchasing. It may also be subject to interest rate fluctuations, which can affect the cash value. Common riders for universal life insurance policies include long-term care rider, accidental death benefit, and waiver of monthly deduction for disability. In summary, universal life insurance provides coverage for your entire life and is flexible in terms of premiums and death benefits. Common riders include long-term care rider, accidental death benefit, and waiver of monthly deduction for disability.