Characteristics of Life Insurance Policies

The video tutorial explains various types of life insurance policies, including whole life, limited payment life, term life, endowment insurance, and life annuity. It covers the key features of each policy type, such as premium payments, cash value accumulation, and the conditions under which benefits are paid to beneficiaries. The tutorial also discusses the differences between these policies and introduces the concept of universal life insurance, which combines elements of both whole and term life insurance.

What is the primary purpose of a life insurance policy?

Describe the characteristics of a whole life policy.

What distinguishes a term life policy from a whole life policy?

Explain the concept of endowment insurance.

What are the benefits of a universal life policy?