An accomplished senior executive with many years of experience in the life insurance sector, George Argyros, Jr. currently serves as the founder and chief executive officer of Elite Financial Group, LLC. In this capacity, George Argyros, Jr. oversees all financial activities at the company and delivers a full range of life insurance products. There are two main forms of life insurance: protection policies, such as term life, and investment policies, such as whole life.
At the most basic level, term life insurance refers to a policy that expires at the end of a pre-determined coverage period, such as age 65. The coverage period is referred to as the term. Thus, if the policyholder dies while the life insurance policy is active (that is, before the end of the term), then the policy pays out beneficiaries in full. If the policy is allowed to expire, however, then the contract is ended and no payment will be made.
Alternatively, whole life insurance policies usually last until the death of the policyholder or age 100. In addition to the lump sum death benefit, whole or “permanent” life insurance has an investment component. This allows individuals to accumulate savings or take out loans against the cash value of the policy, a feature not offered by term life insurance policies.