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Simply put, life insurance offers protection in the event of the death of the insured. But anyone who has tried to purchase life insurance realizes that this is not as simple as it sounds. There are four major types of life insurance: Term Life, Whole Life, Universal Life and Guaranteed Issue.

Here is a basic breakdown of these types of plans:

Term Life
Term Life is the most common type of life insurance, designed to meet specific temporary or short term needs. Term Life insurance provides protection for a limited period of time (usually 10 or 20 years) and pays benefits only if you die during the specified term. This plan is usually less expensive than a Whole Life plan, since it only covers a specific time period.

Whole Life
Whole Life is essentially the same as Term Life, but lasts for the entire life of the insured, regardless of their age. This makes the plan a bit more expensive than a Term Life plan initially, but in the long run, it can wind up costing you less.

Universal Life
Universal Life is designed to give you the life insurance coverage you need, as well as an investment component and greater flexibility. Compared to other products offered by the insurance industry, it generally caters to a wider range of needs and can include a wide range of options as well as tax-sheltered investment advantages. This is generally the most expensive type of life insurance.

Guaranteed Issue & Simplified Issue
Guaranteed Issue Life Insurance is the simplest form of insurance. These plans have either no medical questionnaire or only a few simple eligibility questions, thus providing a solution for many people who would be turned down for the other products listed above. The benefits of a Guaranteed Issue product tend to be quite limited, so this plan is not always suited for someone who is eligible for a more traditional option.

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Please Note: this page is a summary only; the formal policy wording provided to each customer is the only legally binding description of the coverage. Please consult your policy wording for a full list of limitations and exclusions. Coverage is based on individual health conditions and is not guaranteed. If we are not able to provide an insurance product or service, depending on your health condition, we will provide advice, information and alternatives that may be available to you.