Whole and universal life insurance are two types of permanent life insurance

The two main types of life insurance are term and permanent

The biggest difference between the two is how long they cover the life of the insured person and how much they cost. This guide can help you learn more about term and permanent life insurance, plus their different variations, to choose the right policy for you.

Permanent life insurance offers access to a cash value account, which is like a savings account

It's a huge perk of purchasing permanent life insurance. Policyholders often use these accounts as another investment tool. In this podcast episode, NerdWallet experts break down how you can use your cash value account to invest, plus the pros and cons of this tactic.

Final life insurance is most common for people over the age of 50

Final expense life insurance is a type of life insurance where, instead of paying a sum of money to your beneficiaries after death, the insurance covers the expenses for your funeral, burial, and any end-of-life care.

People can customize their life insurance policies by adding on extra benefits

While most life insurance policies have similar coverage, adding on these extra benefits (called riders) can help make these policies more bespoke. Some common added benefits include coverage for your children, a high-risk lifestyle, or a critical or terminal illness.

If you decide to buy term life insurance, coverage will eventually expire

If you decide to buy term life insurance, you’ll no longer have coverage once the agreed-upon timeframe is over. You can always plan ahead to pay off major expenses before your coverage ends, but if this doesn’t happen, you may need to renew or replace your policy.

Annuities differ from life insurance policies in a few key ways, such as when they're paid out and who they benefit

Annuities are intended to benefit the plan owner, and benefits are paid out during the owner's life. The person who buys life insurance rarely sees those benefits—they're intended instead for heirs and dependents.

Life insurance premiums can cost anywhere between $80 and $1K a month, depending on the policy

A life insurance premium is essentially the monthly cost or fee someone pays to an insurance company in exchange for a specified sum of money after their death to their beneficiaries. Factors like term length, health and lifestyle, and any added benefits can impact your premium.

Life insurance offers peace of mind, ensuring that loved ones are financially supported after one's passing

People typically apply for life insurance policies through specific companies or online marketplaces. This video offers more information that's important to know when considering buying life insurance.

The concept of life insurance likely originated in ancient Rome around the year 100 BCE

However, life insurance policies didn’t reach the Americas until 1759, when life insurance started being used to protect the families of Protestant ministers when said ministers died. This timeline of life insurance’s early history—and how it has evolved since then—provides more details.

What are universal vaccines?

As viruses mutate and develop, vaccines have to adapt, leading to regular recommended injections like flu shots. Researchers are working to develop universal vaccines that aim to protect against multiple virus variants if not entire virus families. These vaccines work by creating broadly neutralizing antibodies (bnAbs) that target aspects of viruses that don't typically mutate and are integral to the virus' survival.

There are two main types of 529 plans

One type of 529 plan, prepaid tuition plans, can only be used to pay for tuition. The other type, college savings plans, can also be used to pay for related education expenses, including room and board. One key advantage of a prepaid tuition plan is that it locks in tuition prices. Both types have limited options for non-educational uses.

What is the unlimited marital deduction?

One big way to avoid paying several death taxes? Get married. The unlimited marital deduction allows an individual to grant all their financial assets to their spouse while they're alive or after they’ve died without having to pay the federal estate tax or gift tax. There are limitations to this rule. For instance, how it works with state death taxes. Learn more here.

Revocable trusts are more flexible than irrevocable trusts

Irrevocable trusts are almost impossible for the grantor to change or dissolve. With a revocable trust, the grantor can alter or dissolve the trust at any time. However, there are upsides to irrevocable trusts, too—such as the fact that they’re typically not subject to estate taxes, unlike revocable trusts.

Insurance 'float' is money collected based on insurance’s pay now, collect later model

The insurance “float” has treated Warren Buffett well. The “float” has earned him, and Berkshire Hathaway, billions of dollars. This article includes a letter from Buffett to Berkshire Hathaway shareholders in 2009, discussing the impact of the “float” on his long-term success.

China's 'One China' principle vs. the US 'One China' policy

The "One China" policy means different things to different people, but in the larger sense there are two primary interpretations: the Chinese and the American versions. Both refer to relations and contact between the mainland People's Republic of China and Taiwan/The Republic of China. This article covers the subtleties and differences between each country's approach to the "One China" principle.

The enduring history of universal basic income

Distributing money to everyone is a radical idea provoking heated debates. The historical record shows pockets of civilizations exploring the notion around the world. The practice resembles what many prehistoric societies did as well. Trace the history of this income distribution approach with this fascinating overview.

Medicare vs. Medicaid explained in 60 seconds

Medicare and Medicaid both provide government-funded healthcare but serve different groups. Medicare, launched in 1965, covers those 65 and over and has three parts: hospital stays (A), outpatient care (B), and prescriptions (D). Medicaid, funded by federal and state governments, supports low-income individuals, with eligibility varying by state.

Open-end and closed-end funds differ in how they create and distribute shares

Open-end funds are able to create new shares on a daily basis, while closed-end funds have a set number of shares. This impacts the way shares are traded on the open market, and the way they’re priced.

If the universe is infinite, it may be impossible to say what's beyond it

The universe is defined as all that exists, including space and time. If the universe is infinite, as observations currently suggest, there is no boundary from which we can ask what lies beyond.

One jellyfish species is biologically immortal

Turritopsis dohrnii is a type of jellyfish that can revert back to a juvenile stage after reaching sexual maturity, theoretically allowing it to stay alive for good. But that's a tough sell in a world full of predators. See this list of some of the longest-living species on Earth.

Fifteen answers to 'what is the meaning of life?'

Writer James Bailey repeated philosopher Will Durant's 1932 project soliciting opinions on the meaning of life from a variety of luminaries. In this article, read the fascinating responses people gave to the all-important question, from renowned author Hilary Mantel to a seasoned palliative care supporter who had witnessed dozens of deaths.

Why Hawaiians live longer

Hawaii has the longest life expectancy at birth out of all 50 states, according to the US Centers for Disease Control and Prevention. Key factors include strong healthcare, lots of sunlight, and active lifestyles.

International organizations exploit ultimate beneficial owner policies in different countries to shield bad actors

UBO policies help determine who owns businesses by evaluating who is making the decisions, regardless of the listed owner.

Labor unions, explained

The weekend is one of many benefits shaped by labor unions. These organizations, representing millions of workers, have influenced much of modern work life, from wages to safety standards. With roots stretching back to the 18th century, unions have long been at the center of change in labor rights.

Supreme Court justices serve for life

The Constitution grants Supreme Court justices lifetime appointments to shield them from electoral politics and outside pressure, a design meant to preserve judicial independence but now widely debated due to longer lifespans and partisan balances of the court.

Apeirophobia is an overwhelming fear of living forever, perhaps stemming from the brain's inability to conceptualize an infinite life.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Venture capital is a form of funding provided to early-stage companies with high growth potential, typically in exchange for an equity (or ownership) stake

Hookworm infection, though risky, may help fight certain autoimmune conditions by tamping down the immune system's inflammatory response.

The first line of 'immortal' human cells, which can divide indefinitely and are used in scientific research, was nonconsensually taken from a Black woman.

Learn how your body is, scientifically, like a firework with its own slow, controlled burn.

Pure water does not conduct electricity because this flow of energy requires the movement of charged particles, and water is a neutral molecule.

About 2,000 US babies are born annually without some portion of their limbs, potentially leading to a lifetime of pricey prosthetics.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

See the most iconic photos from four decades of LIFE magazine

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Hurricanes, which rely on air consistently spinning in the same direction, cannot cross the equator because air curves in opposite directions north and south of it.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Frank Lloyd Wright's houses are historically hard to sell because they're old, subject to local landmark commissions, and often unfashionable

Poison ivy can cause rashes year-round since all parts of the plant contain urushiol, the oil that triggers our allergic response.

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Take a 3D tour of the Hajj, Islam's annual pilgrimage to Mecca, undertaken by over 1.5 million Muslims.

Corals are themselves not coral reefs—the term refers to the tiny marine invertebrates that build the rigid reef.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

The Russia-Ukraine conflict is the largest ground war in Europe since World War II in casualties, forces mobilized, and displacement of civilians.

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.