Types of Life Insurance

There are many different types of life insurance. Each of the different types of life insurance has it's own unique set of strengths and weaknesses. In the past, the only two prominent different types of life insurance are term life insurance and whole life insurance. But these two different types of life insurance have much limitations. So, over the years, more and more different types of life insurance were added to the life insurance industry's product line, policies and plans.

Each life insurance company offer different lines of life insurance products. However the different types of life insurance remain the same across the whole insurance industry world wide. Not only most of the different types of life insurance policies exist in all major countries, but the rest of the world are starting to develop similar types of life insurance. For example, you will find the major types of life insurance plan in India equivalent to those types of life insurance in the US, Europe, UK, and other parts of the world.

Different types of life insurance product line

Many life insurance companies are now offering a complete life insurance product lines such as:

• different types of term life insurance
• different types of whole life insurance
• different types of universal life insurance
• different types of variable life insurance, and
• different types of universal variable life insurance.

Variable life insurance products - new types of life insurance policies

The new type of life insurance policies within various types of life insurance plans are called "Variable Life" insurance products. This consists of:

• Variable Life insurance (VL),
• Universal Life insurance (UL), and
• Variable Universal Life insurance (VUL).

The following page has a comparison chart of life all major different types of life insurance products available, and then we will spend some time getting to know each type of life insurance product, policy, and plan.

Click here to continue to the Life Insurance comparison chart.