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There are many different types of life insurance policies. The most common are whole life, variable life, universal life and term. Of course, there are different variations of each including plans that are not used as often such as single-pay life. A whole-life policy could pay dividends if participating.
Rates on term policies are the least expensive while whole-life prices tens to be the most expensive. The most common tern periods are 10 and 20 years although other options are available.
Which type is best for you? The best resource for you is a full-time (Yes...that must be their full-time job!) broker or financial planner that can review prices, suitability and product in the most effective way.
Life Insurance Policies come in two product categories: Term or Permanent. Term life insurance can be purchased with simplified or full underwriting. It can offer annual renewable or guaranteed level coverage periods like 5, 10, 15, 20, 30 and a few at 40 year. (The longer the coverage period the more age becomes a factor and based on age, companies limit the length of coverage.) Some term life insurance includes convertibility clauses to extend coverage and offer “living benefits” either embedded in the policy or as an additional rider.
Permanent life insurance has three types: Participating whole life, guaranteed universal life and current assumption universal life that uses interest rates, indices or separate sub accounts as crediting methods.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
As Ed Harris said above there are MANY different types of Life Insurance. It is true that there are two basic 'categories', which are Term and Permanent, but within those categories there are many different solutions or types of life insurance. For instance, Credit Life is a form of Term insurance which insures a creditor against the death of the debtor. Term insurance is basically "death insurance". It has no cash value and no "living benefits" unless it has an 'accelerated benefit rider', which pays out or "accelerates" a portion of the death benefit in the case of critical or chronic illness.
The 'Permanent' category includes 'Universal' and Whole Life - which is the only truly permanent type of life insurance. Within these categories there are many types again. There are buy-sell agreements and Key-Man policies designed specifically for businesses. There are variable and indexed policies, which are tied to the stock market or to specific stock indexes. There are "participating" and "non-participating" policies, which refers to the paying of dividends into the cash value of policies. There are Individual, First to die and Last to die policies.
For more information contact an experienced Insurance Adviser/ Broker. If in Hawaii I will be happy to help you.
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Rates on term policies are the least expensive while whole-life prices tens to be the most expensive. The most common tern periods are 10 and 20 years although other options are available.
Which type is best for you? The best resource for you is a full-time (Yes...that must be their full-time job!) broker or financial planner that can review prices, suitability and product in the most effective way.
Permanent life insurance has three types: Participating whole life, guaranteed universal life and current assumption universal life that uses interest rates, indices or separate sub accounts as crediting methods.
The 'Permanent' category includes 'Universal' and Whole Life - which is the only truly permanent type of life insurance. Within these categories there are many types again. There are buy-sell agreements and Key-Man policies designed specifically for businesses. There are variable and indexed policies, which are tied to the stock market or to specific stock indexes. There are "participating" and "non-participating" policies, which refers to the paying of dividends into the cash value of policies. There are Individual, First to die and Last to die policies.
For more information contact an experienced Insurance Adviser/ Broker. If in Hawaii I will be happy to help you.