Life Insurance Basics

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What is universal life insurance? (2025)

Universal life insurance is a type of permanent life insurance that offers flexible premium payments, adjustable death benefits, and a cash value component that grows...

Universal life insurance is a type of permanent life insuran...

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What is single premium life insurance? (2025)

Single premium life insurance is a type of permanent life insurance that is paid for in one lump sum. Instead of making ongoing monthly or...

Single premium life insurance is a type of permanent life in...

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What is permanent life insurance? (2025)

Permanent life insurance is a type of life insurance that provides coverage for your entire life—as long as you continue to pay the required premiums....

Permanent life insurance is a type of life insurance that pr...

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What Is a life insurance beneficiary? (2025)

A life insurance beneficiary is the person or entity you designate to receive your policy’s death benefit when you pass away. Choosing a beneficiary is...

A life insurance beneficiary is the person or entity you des...

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What is a modified endowment contract (MEC)? (2025)

A Modified Endowment Contract (MEC) is a life insurance policy that fails the IRS’s 7-pay test, resulting in different tax treatment compared to standard life...

A Modified Endowment Contract (MEC) is a life insurance poli...

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What is a life insurance annuity? (2025)

A life insurance annuity is a financial product that provides a steady stream of income—often for life—based on premiums or lump sums paid to an...

A life insurance annuity is a financial product that provide...

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