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Types Of Life Insurance
Life Insurance-insurance coverage that protects people against the risk of premature death and the financial risk that comes with the premature death of an income provider whether business or individual. They include endowment and annuities, it would normally pay benefits in the event of death or dismemberment by accident. It could also include benefits for a disability
Permanent Insurance-insurance coverage that is permanent in its coverage period. The coverage is in effect until a death claim is filed. This could include whole life insurance.
Whole Life insurance-a form of permanent insurance that accumulates a cash value over the length of the policy. The cash value can often be used to pay up premiums, or taken as a loan against the face value of the policy.
Endowment Life Insurance-more expensive than whole life or universal life because of a shorter period of premium payments It would mature before the normal endowment age.
Term Life Insurance-a temporary or flexible coverage that normally has a level premium for a specific coverage period, such as 10,15,20,25, and 30 year terms.
Decreasing Term Insurance-a type of term insurance that provides coverage for a specific term with level premiums at a decreasing face value, the face value decreases as the individuals responsibilities decrease. Mortgage Life is a good example of decreasing term insurance
Disability Insurance- Insurance designed to provide money in place of earnings
lost when someone cannot work for a long period of time due to illness.
Variable Life & Variable Annuities- are insurance contracts which includes life insurance coverage and an investment. This investment contract brings considerable risk for loss of principle as with any investment, because of the possibility of decreasing value of the underlying securities.
Why Term Life Insurance
Term Life Insurance is beneficial for temporary or short time insurance needs.
Term Life Insurance is suitable for those people who do not have a large estate
and do not have the desired money to set aside for the unexpected,
and those who foresee their future insurance needs are likely to change.
It also gives you the option of selecting the exact period you want yourself
to be covered by the insurance policy.
The lower premiums of Term Life Insurance are also a definite advantage. The lower premium rate is an attraction that encourages the insured to invest the difference in amount between term life insurance and whole life insurance in something else for better yield.
An important consideration is that Term Life Insurance expires without any
maturity and the premium increases at the time of renewal.
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