What Are the Six Basic Types of insurance?

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It's very important to know the six basic types of insurance available so that you don't get confused later on. Learn about the six basic types of insurance with help from a professional financial planner in this free video clip.

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

Hi, my name's Michael Hardy, with Mallett and Hardy. Today we're gonna talk about the six different types of life insurance contracts that are available. The first five types of life insurance contracts that are available are permanent contracts. Which means that once you purchase them, you have them for the rest of your life as long as you're paying the premium. Those include, whole life, universal life, universal variable life, variable life and an endowment life insurance contract. The last type of insurance is term insurance. Term insurance is like renting a house, except that you get kicked out of your house after a specific time period in which case you can buy your coverage for 10 years, or 15 years or 20 years, or sometimes you can buy them for even 30 years now, after which you lose the insurance. Term insurance is typically less expensive than permanent insurance, because you only have it for a certain period of time. And those are the six different types of life insurance contracts. I'm Michael Hardy with Mallett and Hardy out of New York, thank you.

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