Life Insurance in Detail

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life insurance in detail
Protect your Loved Ones with Insurance
Life insurance is one of the most important insurance products for providing for your family. There are several different types of life insurance products, and you can find the one that suits your lifestyle. When you speak to an insurance agent near you, ask about the cost and advantages of the different life insurance products.

Term Life Insurance

Term life insurance covers you for a specified period of time or a term. If the policy holder dies during that period, the beneficiary receives a lump sum of money according to the size of the policy. Terms can vary from 10 – 30 years. This insurance policy typically requires a medical exam and is the cheapest option. Coverage ranges from $100,000 to $5 million and needs to be applied for with the help of an agent. There are also policies that can be applied for online.

Universal Life Insurance

This policy will cover you for your lifetime and give you the opportunity to accumulate cash. This type of policy can be customized to increase the value of an inheritance. The cash that is accumulated earns a competitive interest rate and can be borrowed against. If the policy holder becomes terminally ill, the funds can be accessed early if needed.
There are other options such as a waiver of paying premiums if the policy holder becomes disabled for some time and cannot work. It may also cover a child. A universal policy can be modified to save for the future to supplement your retirement or your children’s educational expenses.

Whole Life Insurance

This type gives you permanent, lifelong coverage at fixed premium payments. This is extremely valuable because as long as you pay your premiums on time, they will never increase. Whole life insurance is ideal for supplementing other life insurance policies such as coverage at work. It can also be modified to include children.

Annuities

Annuities are regular disbursements of cash to the policy holder or to a beneficiary after the policy holder’s death. You pay a lump sum or a series of payments and are paid regular payments in return. Annuities can be tailored for your specific needs. You can choose the amount you pay the insurer and when you start receiving payments.

With so many life insurance options, the financial security of your loved ones can be protected if you are no longer there to support them.

 

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5 thoughts on “Life Insurance in Detail”

    1. Hey Thomas, I’ve heard it’s best to separate insurance coverage from a work related policy, because if you get an illness then lose your job it Will be difficult to find another insurer to cover you. I have 30 year term, and I plan on keeping it forever. If the job offers a free coverage you take it but don’t pay into it for additional coverage.

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