Basic Types of Life Insurance Policies

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What should you know about Life Insurance?

Basic Types of Life Insurance Policies

Term Life insurance and Permanent Life insurance are the two basic types of life insurance policies.

Term insurance covers the insured for a specified period, such as one, five or 10 years and may include an option to renew. Premiums are paid throughout the policy’s term and will generally increase with the policyholder’s age.

On the other hand, Permanent life insurance refers to life insurance policy forms other than group and term. These usually include cash value life insurance, such as endowments and whole or ordinary life policies.

Each offers variations in the type of policy.

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Securities and investment advisory services are offered by VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment advisor.

VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.

This information is general in nature and may be subject to change. Neither VALIC nor its financial advisors or other representatives give legal or tax advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For legal or tax advice concerning your situation, consult your attorney or professional tax advisor.