Of the various types of life insurance available today, there are basically three types of life insurance namely;
1. Endowment Insurance
This Insurance consists of two important elements that combine between life protection and savings. The life protection provides protection of death. Saving element in these insurance higher so fit for the purpose of saving. With a savings element which is higher than the futures and Insurance whole life insurance.
2. Whole Life Insurance
Life insurance a lifetime designed to provide protection lifetime of the insured for he was guarding the policy remain active with through payment of a premium of the policy. In addition, protection died policy in also provides element savings known as the value of cash that arises because of a premium in order to stay.
3. Term Life Insurance
Is the contract of life insurance whereby face amount is payable only if the death occurred in periods of the face amount of insurance still in place? Term insurance is a insurance the simplest and most old. Type of insurance is sometimes called also insurance meanwhile, according to as much as. The payments on these insurance also cheapest compared with endowment insurance and whole life insurance.