ALL OF LIFE
SBLI sells whole life insurance to both children and adults.
With SBLI children’s life insurance, you can become the recipient of an investment account from a certain age. It tends to scare people away from life insurance for children as it is a poor investment in most cases.
CONCEPTUAL LIFE
The more economical choice is term life insurance, as the term of the policies can be between 10 and 30 years. SBLI term life insurance is a good choice if you’re looking for the lowest rate.
The premiums remain the same over this period and the insured’s beneficiaries receive the same payout.
Life insurance is not limited to specific terms. Rather, the term of each policy lasts as long as the premiums are paid. Since the policy has a cash value, the insured can take out a loan and invest part of the respective premium payment. This allows the value of the policy to increase each year with minimal taxation. (Read our article on term life insurance vs. whole life insurance here.)
