A term life insurance policy is specifically referred to as Renewable and Convertible Term. The premium on this type of policy is guaranteed to remain level for a specified period of years.


A universal life insurance policy provides a flexible death benefit protection and flexible premium payments. The value of the universal life insurance policy are based upon the amount of premium paid, the frequency of premium payments, the interest rate credited to the policy, and the expenses and costs of insurance charged to the policy. If premium payments are not continued, the insurance coverage, and any benefits and riders, will be continued in force until the cash value less any indebtedness, is insufficient to cover the monthly deduction amount. Monthly deductions include the monthly cost of insurance, the monthly expense charge, and other policy charges.


A survivorship insurance policy provides flexible death benefit protection and flexible premium payments. The values of the policy are based upon the amount of premium paid, the frequency of premium payments, the interest rate credited to the policy, and the expenses and costs of insurance charged to the policy.


Disability insurance is truly a basic concept. It is an insurance product designed to replace anywhere from 45-60% of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation. Every disability insurance policy from every insurance company is very different.