Life Insurance Guard
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Get it right with life insurance Introduction to life insurance Checklist for life insurance in the USA Common mistakes with Life Insurance |
Six Basic Kinds of Life Insurance
Regardless of how fancy the policy title or sales presentation might appear, all life insurance
Hot Topics
- What is the difference between a Life Insurance Broker and a Life Insurance Company?
- A Life Insurance Company is the organisation that actually writes your policy and covers the policy risk. It is also their name that appears on your policy documents and it is their duty to make any payouts if you make a claim.
- If my life insurance policy is “Rated”, what does this mean?
- If your policy is “rated” it means that the insurance company believes you represent an above average risk of a claim.
- Can Life Insurance be arranged quickly?
- It is dependent upon two factors: - Click here to find out more details
- Complaints about a Life Insurance Company
- If you want to make a complaint to a Life Insurance Company (that is the company which issues your insurance policy), you should write to their Compliance Director.
Term Life Insurance
Endowment Life Insurance
Whole Life Insurance
Variable Life Insurance
Universal Life Insurance
Variable Universal Life Insurance
Term Life Insurance
Term life insurance is death protection for a term of one or more years. Some companies are offering policies with terms up to thirty years. Premiums on ( loans ) term insurance remain level during the life of the policy. Term Life Insurance has no cash value account. Death benefits will be paid only if you die within that term of years. Term insurance generally provides the largest immediate death protection for your premium dollar.
Some term life insurance policies are renewable for one or more additional terms even if your health has changed. Each time you renew the policy for a new term, ( cheap life insurance ) premiums will be higher. You should check the premiums at older ages and the length of time the policy can be continued.
Some term insurance policies are also convertible. This means that before the end of the conversion period, you may trade the term policy for a whole life or endowment insurance policy even if you are not in good health. Premiums for the new policy will be higher than you have been paying for the term insurance.
Life Insurance "Endowment"
An endowment insurance policy pays a sum or income to you, the policyholder, if you live to a certain age. If you were to die before then, the death benefit ( life insurance ) would be paid to your beneficiary. Premiums and cash values for endowment insurance are higher than for the same amount of whole life insurance. Thus endowment insurance gives you the least amount of death protection for your premium dollar.