Term life insurance is a type of life insurance policy that provides coverage for a specific period of time, typically between one and thirty years. The policyholder pays a premium each year, and in exchange, the insurance company promises to pay out a death benefit to the policyholder’s beneficiaries if the policyholder passes away during the term of the policy. Term life insurance is designed to provide affordable coverage for a specific period of time, and is often used to provide financial protection for loved ones in the event of an unexpected death. Unlike permanent life insurance policies, term life insurance policies do not accumulate cash value over time.
IUL insurance can be a good option for those looking for the potential for higher returns on their life insurance policy’s cash value, while still providing a death benefit for their loved ones. However, it’s important to carefully evaluate the costs and benefits of an IUL policy and compare it to other types of permanent life insurance policies before making a decision.