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Life Insurance is typically referred to as ‘love insurance’ because its purpose is to provide financial support for your family if you pass away. However, life insurance can also serve as an investment because the policy can build cash value while you are alive. Did you know there are two types of Life Insurance?  Term Insurance and Cash Value Life Insurance. Term Insurance is this type of policy that covers you for a term of one or more years. Cash Value Life Insurance can be known by several names like whole life, variable life, and universal life. A Cash Value Life insurance policy provides long-term financial protection. 

 Term Insurance 

This policy can cover you for a term of one or more years and pays a death benefit only if you pass away during that term. This type of policy does not build up cash value and it may not be renewable at the end of the term. Additionally, the cost of the policy may increase after the term has lapsed. 

Cash Value Life Insurance 

Common names for this type of insurance is whole life, variable life and universal life. This policy provides long-term financial protection offering a death benefit and cash savings in some cases. Premiums for permanent life insurance policies tend to be higher. 

Ask your agent about your options today. Find and agent near you at https://www.gfbinsurance.com/contact .

Content provided by the Georgia Office of Commissioner of Insurance and Safety Fire