Types of Life Insurance
There are several types of life insurance policies available to the public. Choosing the right one for you and your loved ones should be based on your own specific needs.
Whole Life Insurance
Whole life insurance is a type of insurance that covers your entire life. Your premium will remain level and your benefits or coverage will decrease over time, with age, as your risk of dying becomes greater. The benefits are similar to term life insurance except that it covers the entirety of your life.
Universal Life Insurance
Universal life insurance in a policy that allows you to cash in on your own life insurance. You have the ability to pay more than the premium to create a cash value that you can borrow against. If the cash value is not touched, it will most likely go to the beneficiary upon death of the policy holder. Generally the investment is restricted to bonds and mortgages.
Variable Life Insurance
Variable life insurance is almost identical to universal life insurance, except that you have more options when it comes to choosing your investment vehicle. For example, with a variable life insurance policy, you have the ability to use stock funds as an investment product.
Term Life Insurance
Term life insurance is a personal life insurance that covers a specified period of time. In the event that you do not need to use your insurance, your premium would not be paid back to you. It is mainly geared toward younger adults who take out a term life insurance policy to cover expenses like funeral, mortgage, and loss of salary of the policy holder in the event of their death. There are different terms that you can pick but they usually don't last any more than 20 years. Term life insurance policies are not renewable. Most policies contain a suicide clause which terminates the policy if you take your own life within approximately three years of beginning the policy. When it comes to term life insurance, as you age, your coverage decreases. For a 70 year old that has had a 20 year, million dollar life insurance policy, their premiums will stay the same, month to month, but by the time they reach the age of 70, their policy may only be worth 500,000. There are many term life insurance plans that offer no medical exam. Term life insurance has many benefits as it is the most flexible when it comes to your previous health than most other types of insurance policies.
Whole Life Insurance
Whole life insurance is a type of insurance that covers your entire life. Your premium will remain level and your benefits or coverage will decrease over time, with age, as your risk of dying becomes greater. The benefits are similar to term life insurance except that it covers the entirety of your life.
Universal Life Insurance
Universal life insurance in a policy that allows you to cash in on your own life insurance. You have the ability to pay more than the premium to create a cash value that you can borrow against. If the cash value is not touched, it will most likely go to the beneficiary upon death of the policy holder. Generally the investment is restricted to bonds and mortgages.
Variable Life Insurance
Variable life insurance is almost identical to universal life insurance, except that you have more options when it comes to choosing your investment vehicle. For example, with a variable life insurance policy, you have the ability to use stock funds as an investment product.
Term Life Insurance
Term life insurance is a personal life insurance that covers a specified period of time. In the event that you do not need to use your insurance, your premium would not be paid back to you. It is mainly geared toward younger adults who take out a term life insurance policy to cover expenses like funeral, mortgage, and loss of salary of the policy holder in the event of their death. There are different terms that you can pick but they usually don't last any more than 20 years. Term life insurance policies are not renewable. Most policies contain a suicide clause which terminates the policy if you take your own life within approximately three years of beginning the policy. When it comes to term life insurance, as you age, your coverage decreases. For a 70 year old that has had a 20 year, million dollar life insurance policy, their premiums will stay the same, month to month, but by the time they reach the age of 70, their policy may only be worth 500,000. There are many term life insurance plans that offer no medical exam. Term life insurance has many benefits as it is the most flexible when it comes to your previous health than most other types of insurance policies.
posted by Ivon T. Hughes at 3:08 PM
2 Comments:
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