3.2 Classification of Life Insurance: Whole Life, Endowment, Term Life; Policy and Formation of a Life Insurance Contract

1. Whole life insurance — the sum payable at death, whenever it comes; the permanent protection; the premium's forms (the limited-payment faces). 2. Endowment insurance — the sum at the term's end or the earlier death — the savings-heavy form (the maturity's certainty). 3. Term life insurance — the sum only if death within the term — the pure protection (the cheapest cover; the no-maturity feature). 4. The newer products — the unit-linked (the investment-linked faces); the money-back (the periodic returns). The policy's formation: the proposal (the application — the disclosure's home); the medical examination (the underwriting's tool); the acceptance (the insurer's risk decision); the first premium; the policy's issue (the document — the standard terms plus the schedule); the free-look period's modern faces (the policyholder's short-window return right — the regulator's protection).