What is Term Life Insurance?

Term Life Insurance is a guaranteed contract between you and an insurance company for a pre-determined set of years, where the company agrees to pay a pre-determined amount of money to your beneficiaries upon the occurrence of events such as death or terminal illness.

Many insurance companies will describe term life insurance as protection for those that cannot afford permanent insurance. That's because by nature, term life insurance is usually guaranteed for "terms" or intervals such as 10, 20 or 30 years.

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What is Universal Life Insurance?

Universal life insurance combines the low-cost protection of term insurance with a savings component that is invested in a tax-deferred account, the cash value of which may be available for a loan to the policyholder.

Universal life was created to provide more flexibility than whole life by allowing the holder to shift money between the insurance and savings components of the policy.

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