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What Are the Different Types of Life Insurance?

Life Insurance
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Common types of life insurance and their featurestypes of life insurance

Download What Are the Different Types of Life Insurance? (PDF)

If you're trying to decide which type of life insurance to get, the right solution will depend on your unique needs. There are typically three main types to choose from.

Whole Life Insurance

  • Protection for life: Coverage lasts your entire lifetime1

  • Level premiums: Policy payment rate will never increase

  • Cash value: Policy has growth potential (money you could borrow against1)

  • Guaranteed death benefit: Amount your beneficiary receives is guaranteed1

Term Life Insurance

  • Protection for a specified time: Death benefit paid if you die during selected term (10-30 years)

  • Affordable premiums: Only pay for the duration you need
  • Convertibility: Can choose to renew2 or convert3 your policy to permanent insurance

  • Simplicity: Decide your coverage amount and term length

Universal Life Insurance

  • Protection for life: Coverage lasts your entire lifetime1

  • Flexible premiums: Adjust your premium amount as needs change4

  • Cash value: Policy has growth potential (money you could borrow against1)

  • Choice: Can adjust premiums4 and death benefit3 based on your needs

Nearly 60% of Americans have some form of life insurance, and the top three reasons they do are to cover burial and final expenses, to replace lost income when a loved one dies, and to leave an inheritance to family members.

Learn more about your life insurance options today.

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Disclosures:
1 Life insurance policy guarantees are subject to the timely payment of premiums. Loans will accrue interest. Loans and withdrawals may generate an income tax liability, reduce the Account Value and the Death Benefit, and may cause the policy to lapse.
2 Once the policy has renewed to annual renewal term rates, no conversion is allowed.
3 Increases in coverage are subject to underwriting.
4 There must be enough cash value in the policy to cover monthly charges if a lower premium is paid than the amount selected at issue or if a premium payment is skipped. Additional premium payments may need to be made to keep the policy in force.

Life insurance products are not bank products, are not a deposit, are not insured by the FDIC, nor any other federal entity, have no bank guarantee, and may lose value.