Types of Life Insurance

 In Insurance, Small Business

The choices in life insurance policies can seem overwhelming, and they are difficult to understand at first glance. This post will help with a high-level breakdown of current policy options available. For specific details on all policies please contact a broker.

Permanent Insurance

  • Whole Life Insurance – is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid
  • Universal Life Insurance – is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid. The excess of premium payments above the current cost of insurance is credited to the cash value of the policy.
  • Term to 100 – is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid.

Term Life Insurance

  • 10 year Renewable and Convertible
  • 20 year Renewable and Convertible
  • Term Select

Simplifies Issue Life Insurance

  • Need to complete a health questionnaire instead of a medical exam.

Guaranteed Issue Life Insurance

  • as long as you can pay the premium, the Insurer will cover you.

Group Life Insurance

  • Life Insurance provided through your employer at a discount.

Insurance is meant to give us some measure of protection, at least financially, should a disaster happen. There are numerous insurance options available, and many financial experts tell us that we need to have these insurance policies in place. Yet, with so many options, it can be difficult to determine what insurance you really need. Purchasing the right insurance is always determined by your specific situation.

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It is important to have coverage for my family