Hollywood Florida term life insurance

Reader question:

Can you give me a description of the different types of life insurance policies? I was considering getting Hollywood Florida term life insurance, but I need to see what my other options are.

Jude

Thanks for yor question, Jude.

I’ll give you a break down of a few of the main features of the different types of life insurance policies, including Hollywood Florida term life insurance.

• Whole life insurance.

Stays the same throughout the policy. Allows you to take out loans on the policy. Has a cash value, but you don’t get the option to pick where to invest it. You choose a death benefit at the beginning and can’t change it after that.

• Hollywood Florida term life insurance.

Cheap initial premiums, but they rise as you get older. You can renew and thus change your death benefits every time your term ends, until you die. It does not have a cash value, and nor are you able to take loans out on your policy.

• Universal life insurance.

Premiums can be cheap or high. You have the same death benefits, but there is some variation, slightly, allowed. You have a cash value, and also the option of choosing where to invest it. You are able to take a loan out on your policy.

• Variable life insurance.

Same premiums as long as you have the policy. Same, unchangeable, death benefits as long as you have the policy. Cash value with the option to pick where to invest, as well as ability to take a loan out on the policy.

• Variable universal life insurance.

Variable premium rates, as well as a fixed death benefit with slight variation allowed. In all other respects, same as variable life insurance.

take care,

Fashun