Ponte Vedra Beach, Florida (32082) — The three different types of life insurance on the market are term, whole life, and universal life insurance.  Each type has merit; it just depends on your needs and objectives.   Term insurance is a pretty basic concept.  Try to think of it as being very similar to renting a house.  You pay a specified premium for a period of time and in return are guaranteed proceeds from a death in that same time span.   The most popular term policies are going to be 10 year level term, 15 year level term, 20 year level term, and 30 year level term.  The premium stays the same for that period of time and typically the premiums are very affordable.   “Another type of term product that has become very popular is the ROP (return of premium) option.  This option is a return of the entire premiums paid to the company if the client is still alive at the end of the term.   This option is more expensive than regular term, but it can be very beneficial depending on the clients’ age”, noted Bagni.