If you are shopping around for life insurance in Nevada, you should be aware that there are multiple kinds that you can purchase.
To break it down, there are 3 kinds of insurance: Group, Permanent Life, and Term Life
Group insurance is most commonly offered to you through an employer. Sometimes you get a portion for free, sometimes you have to pay a small premium and you get an alotted amount. The advantage of group life is that you do not have to go through medical underwriting. The disadvantage is that you usually cannot take the policy with you if you leave your place of employment.
Permanent life is life insurance that does not expire. There are 2 kinds. Universal and Whole Life. Universal Life insurance is more of a flexible premium policy that earns cash value, and at times the death benefit is not guaranteed to remain. Whole Life is more of a steady insurance premium, but it is always guaranteed to give a death benefit.
Term Life insurance is beneficial is you need to carry insurance for a period of time, ie mortgage, until kids go to college. The upside is that the term policy is cheaper than a permanent life policy. The downside is that term insurance expires after that term is over and can become very expensive to maintain in the long run.
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