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Life Insurance Product Explained

Term Life Insurance Policy
Term Insurance is considered tempory protection because it only provides protection for a specified number of years.  If the insured person dies during the term the policy pays the beneficiary the face amount of the policy.  If the policy is cancelled during the term then nothing is payable.  Unless the policy is renewed or converted the policy expires at the end of the term.  In addition there are no cash values that can be drawn upon or borrowed against while the policy is in force. Term Life insurance policy generally come in 10, 15, 20, 25 or 30 year increments, longer terms are more expensive than shorter ones.

Whole Life Insurance Policy
Whole life policies are consider to be a permanent protection policy, as long as your premium is paid coverage will continue for the life of the insured.  Both the premium and death benefit are guaranteed to stay level for the life of the insured individual.  Whole life insurance policies are for an individual who wished to create an investment tool for later in life for there estate planning.

Universal Life Insurance Policy
Universal Life Policies are also known as flexible premium adjustable life  The death benefit can increase or decrease depending on the needs of the policy holder.  One way a universal life policy is different than other policies is that a policy holder can increase there premium payments and then later decrease it.  A policy owner can then also skip payments as long as there is enough overpayment paid towards the policy.  Generally universal life policies will cover the insured individual till he reaches age 100, if it has cash value the insured can take the cash value or convert the policy to a term policy until he or she dies.

All policies approval are pending persons to be insured health condition, hieght, weight, illnesses, smoker etc....
One of the biggest factors in figuring a premium is whether or nor person smokes, it can raise premium by as much as 4 times what a non-smoker would pay, so if you smoke and need a policy it would be in your best interest to quit.