Suze Orman on Life Insurance

.

Suze Orman on Life Insurance

TERM LIFE INSURANCE

A form of life insurance thatcoversthe insured person fora certain period of time, the“term” that is specified in thepolicy. It pays a benefit to adesignated beneficiary onlywhen the Insured dies withinthat specified period which canbe one, five, 10 or even 20years. Term life policies are renewable but premiums increasewith age.

WHOLE LIFE INSURANCE

The oldest kind of cash valuelife Insurance that combinesprotection against prematuredeath with a savings account.Premiums are fixed and guaranteed and remain levelthroughout the policy’s lifetime

WHAT IS LIFE INSURANCE?

Definition for life insurance
Life insurance is a contractbetween the policy owner andthe insurer, where the insureragrees to pay a sum of moneyupon the occurrence of theInsured's death