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What is life insurance?
Life insurance policies help provide security to either you or your beneficiaries after you pass away or after a designated period of time. With a life insurance policy from Nationwide, you can help secure your family’s financial future by paying for college, paying off a mortgage, covering any final expenses or estate taxes, and more.
Types of life insurance
There are two main types of life insurance – term life insurance and permanent life insurance. Term life insurance simply covers you for a specified amount of time (10, 20, and 30 year policies being the most common). Permanent life insurance can be broken down into three types: universal, whole, and variable. You can use this tool to get a better understanding of which type of life insurance is right for you.
![Term](https://www.besnardinsurance.com/wp-content/uploads/2021/05/Term.png)
Term
Term life insurance can be used to replace lost income. This can provide a safety net for your family and help them meet their financial goals.
![Universal](https://www.besnardinsurance.com/wp-content/uploads/2021/05/Universal.png)
Universal
Personal life insurance offers flexible payment options, death benefit and cash value.
![Whole](https://www.besnardinsurance.com/wp-content/uploads/2021/05/Whole.png)
Whole
Whole life insurance can be used as an estate planning tool to help preserve the wealth you plan to hand down to your beneficiaries.
![Variable](https://www.besnardinsurance.com/wp-content/uploads/2021/05/Variable.png)
Variable
Variable life insurance offers whole life protection and an investing component similar to a mutual fund.