About Types of Life Insurance Policies

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Life insurance policies come in a wide variety of different types. Learn about types of life insurance policies with help from a member of the California Department of Insurance Curriculum Board and insurance professional in this free video clip.

Part of the Video Series: Life Insurance & More
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Video Transcript

Hi, I'm Tony Steuer, Life Insurance Sage, and this is my tip on different types of life insurance. There are many different types of life insurance out there on the marketplace, with many different names. At the basis of it all, there's really just two types of life insurance. There's term life insurance, which pays a benefit in the event you die, for a set premium, and for a set number of years, hence the name "term." It does not accumulate any type of cash value. All other types of life insurance fall under the general heading of permanent or cash value life insurance. These include whole life insurance, universal life insurance, indexed insurance products, variable insurance products. And, those products all differ in how premiums are paid, whether or not the premiums can be flexible, or they remain level or guaranteed, and whether the death benefit remains level, increases, is guaranteed, and how the cash value is invested. Depending on the type of cash value policy, there is a big difference in how your funds can be invested, whether you have the choice, whether the company has a choice. The big difference for you as a policy owner can be in cost and expenses for those various different types of life insurance policies. So, when you're taking a look at those different types of life insurance policies, it's important to understand the various expenses and fees that go into each type of policy. I'm Tony Steuer, and that's my tip about life insurance policy types. Thank you for watching.


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