What are the two basic types of life insurance called?
Term life insurance and permanent life insurance. Permanent life insurance provides coverage throughout the insured’s lifetime as long as premiums are paid as required. Term insurance is for a period of time. It is life insurance that provides a death benefit if the insured dies during a specified period. If the term expires before you die, your beneficiary gets nothing. Is credit life insurance term insurance or permanent insurance? Term. It is purchased for the “term” of a loan from a financial institution. The insurance expires when you pay off the loan. For example, if you die and still have three house payments to make, your credit life insurance makes those three payments. The lender is guaranteed the money whether you live or die. Helpful Web sites: www.life-line.org This is an excellent resource on life insurance. It includes explanations of life insurance, an extensive glossary of terms, life calculators, a Life Quiz and more. www.ehow.com This site lets you ask how about almo
