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What types of life insurance are available? | Michigan Life Insurance

posted Apr 14, 2016, 8:31 AM by Jason Grubbs   [ updated Oct 15, 2018, 7:59 AM ]
There are essentially only two types of life insurance you can purchase: term or permanent insurance.
A term life insurance policy provides pure death protection for a specified period of time.

It's a simple matter of an insurance company promising, in exchange for your payment (premium), to pay a specified amount if you die during the term (coverage period) of the policy.
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Permanent life insurance policies combine death protection with some type of cash value accumulation.

The basic idea of a permanent policy is you pay more initially and the extra dollars put into the policy act as a savings vehicle that can later be drawn from - typically to maintain a level, affordable premium.