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Term insurance or assurance is life insurance that offers coverage at a fixed rate for a limited amount of time, or the specified term. Term insurance is most convenient when the client is going through a period of high financial risk. However, once the term ends the client has to either renegotiate a new plan or change to a more permanent plan. Typically, term life insurance has the lowest initial and exponential costs for an insurance plan, although costs can increase every 5, 10 or 20 years.



Permanent life insurance indicates a plan that offers lifelong coverage and guarantees lifetime protection. Usually, the premiums on permanent life insurance plans are higher when the client is older and lower when younger. Generally speaking, these costs do not change and the plan is paid out in a lump sum in the event of unexpected.



Universal Insurance refers to a more flexible but complex plan that combines long-term life insurance with the option to collect tax-deferred savings. This typically extends over a lifetime and can cost a level or increasing amount. With Universal Life Insurance, payments made that are in surplus of the insurance plan can be invested and grow tax- deferred.



Typically, whole life insurance requires that the owner pay premiums for the life of the policy. An option for whole life insurance is for it to be paid out in full, which means that the client does not need to make any further payments.



Participating life insurance plans have the potential for earning dividends for policyholders. When purchasing participating life insurance policies, premiums are calculated based on long-term assumptions on mortality, expenses and other related factors.

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