MANAGEMENT

Detailed explanation-1: -Whole life insurance continues until your natural demise or 100 years of age. Term life insurance has a definite term which must end before you reach 100 years of age.

Detailed explanation-2: -Types of life insurance explained. There are two primary categories of life insurance: term and permanent. Term life insurance lasts for a set timeframe (usually 10 to 30 years), making it a more affordable option, while permanent life insurance lasts your entire lifetime.

Detailed explanation-3: -The most common type of life insurance is term life insurance. Term life insurance is the simplest and most affordable type of life insurance. It provides coverage for a specific period of time, or “term.” If you die during the policy term, your beneficiaries will receive a death benefit.

Detailed explanation-4: -With either policy, your loved ones can spend the payout-called the death benefit-on a variety of costs, such as funeral expenses, mortgage payments, college tuition and more. But depending on your coverage needs, one type of life insurance may be a better fit than the other.

Detailed explanation-5: -How many life insurance policies can you have? You can have multiple life insurance policies if you wish – there is no legal limit. But remember, if you find your situation changes in the future it’s sometimes possible to adapt your existing policy.