Discuss the types of life insurance?

Question

Accepted Answer

Life insurance can be broadly classified into term life, whole life, and universal life insurance.

Term life insurance provides coverage for a specific period of time and pays out a death benefit if the policyholder dies during that time.
Whole life insurance provides coverage for the entire life of the policyholder and includes a savings component that grows over time.
Universal life insurance is a flexible policy that allows the policyholder to adjust the premium and death benefit as needed.
Other types of life insurance include variable life insurance, survivorship life insurance, and final expense insurance.
Variable life insurance allows the policyholder to invest the cash value of the policy in various investment options.
Survivorship life insurance covers two people and pays out a death benefit after both policyholders have died.
Final expense insurance is a type of whole life insurance that covers funeral and burial expenses.

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