What are the types of life insurance

The classification of life insurance: it is divided into general type life insurance and new type life insurance. Ordinary life insurance is divided into: term life insurance, whole life insurance, whole life insurance and annuity insurance. The new type of life insurance includes: participating insurance, investment-linked insurance or universal insurance.

Definition of ordinary life insurance:

1, term life insurance: refers to the death as the condition of paying insurance benefits, and the insurance period for a fixed number of years of life insurance. The biggest advantage: you can use extremely low premiums to get a larger insurance coverage for a certain period of time. The disadvantage is that if the insured person is still alive at the end of the insurance period, he/she will not be able to get the insurance benefit and the premiums paid will not be refunded.

2, whole life insurance: refers to the death of the conditions for the payment of insurance benefits, and the insurance period for life. The biggest advantage: you can get permanent protection, and have the right to refund, if the policyholder withdraws in the middle of the policy, you can get a certain amount of refund.

3, two full insurance: refers to the point in the insurance period to the death or survival of the life insurance as a condition of payment.

4, annuity insurance: refers to point to the survival or not as the condition of payment of benefits, according to the agreement to pay benefits in installments, and the interval between the payment of benefits in installments is not more than one year (including one year) of life insurance.