Part 2 of a 3 part series… Types of life insurance Life insurance is one of the most common employer-provided benefits, and is divided into two categories: term and permanent. Term life insurance has a specified coverage period (term), but can usually be renewed or converted into a permanent policy at the end of a term. Premiums are generally affordable initially, but can increase substantially when renewed. Permanent life insurance is life-long coverage that generally also includes a cash value savings component. There are many types of permanent life insurance, including whole, universal and variable. This type of coverage has higher premiums, but offers more long-term value. Employer-sponsored coverage Employer-sponsored coverage can be offered in a variety of ways. Employers …
