This information outlines types of life insurance available in the market today and briefly discusses who is entitled to proceeds and how to collect the proceeds.
Life insurance is available today in several different forms.
The three most common are term life, whole life and universal life. Term life insurance provides coverage for a specified term of years. If you are the policy holder and you die during the term, the insurance company will typically pay the face amount of the policy to the person you named as the beneficiary. The term of the insurance can vary from one year up to 15 or more. The insurance premiums for term life generally increase with age.