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There are three types of insurance.
1 Term Life Insurance It is for a set number of years{ The Policy term.}
The Insurance policy issuing company pays predetermined sum to the beneficiary ,if the death takes place during this period.It may be less than whole life.
2 Endowment Insurance.Here the Insurance policy issuing company pays predetermined sum to the beneficiary ,if the death takes place during this period. But If the policy Owner survives insurance policy term,He gets the same predetermined amount.
3 Whole Life Insurance.Here the Insurance policy issuing company pays predetermined sum to the beneficiary after his death. It does not matter when he dies.
This classification is very helpful to decide the type of Life insurance policy and Life Insurance Quotes which suite your requirements.
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