Types of life insurance
Term life insurance
Term insurance covers a specific period, such as 10, 20, or 30 years. It is designed to meet short- or medium-term protection needs, such as:
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Protect your children until they are financially independent.
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Cover a mortgage or debts to be repaid.
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Provide replacement income in the event of premature death.
Benefits :
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More affordable premiums than permanent insurance.
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Flexibility of terms (customizable duration).
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Possibility of conversion to permanent insurance without medical proof (depending on the insurer).
Permanent life insurance
This insurance covers you for life. In addition to death benefit protection, it generally includes a cash surrender value that can grow over time, depending on the type of contract (participatory or universal).
Benefits :
* Lifetime warranty coverage.
* Accumulation of accessible monetary value (by loan or redemption).
* Estate and tax planning tool.
* Stability of premiums (often fixed for life).
