The following are different types of life insurance policies and their characteristics. In addition, the policy can provide supplemental income for retirement. Low initial premium. May be renewable and convertible to whole life insurance. Protection for a specified period.
Premium increases with each new term.
Typically no cash value. Fixed cash value. Fixed death benefit. You can defer taxes on the earnings generated by the policy until you withdraw cash, take out a loan policy, or receive annual interest earnings on dividends. Flexible death benefit.