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Insurance policies that provide permanent protection, as opposed to protection for a certain period, are called whole life policies. Permanent life insurance policies of this type are often characterized as contracts that will surely pay (provided premiums are paid as contracted), ... the question is just WHEN, as opposed to term policies that terminate at a certain age without paying any benefit if the insured person was lucky enough to live beyond that age. Disability policies are never for the whole li
Talking about only life insurance now, the main question one should answer when deciding about the type of insurance one will buy concerns the time horizon, or the duration of time one needs the protection. If the reason for seeking life insurance is to protect someone or something (children, spouse, a business, etc.) for a limited time, term life insurance makes sense. On the other hand, if the protection is needed / wanted for a very long time, or permanently, some kind of permanent policy should be the
There are basically three types of permanent life insurance policies: