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Types of Life Insurance:
Which Type of Life Insurance Do You Need
- Term Life Insurance
- Universal Life Insurance
- Whole Life Insurance
- Variable Life Insurance
Term Life Insurance
Inexpensive Life Insurance; Large Death Benefit
Term Life is for people Ages 20-65 who want to pay little per month while still having a large amount of security in their life insurance policy. It is great for new mortgages, school loans, or any other debts that need to be covered at an early age. The insurance lasts for the term stated in the policy.
Example Policies:
| Monthly Premium | $20 | $13 |
| Age | 22 | $31 |
| Death Benefit | $1,000,000 | $500,000 |
| Gender | Male | Female |
| Health | Best Non Smoker | Best Non Smoker |
Universal Life Insurance
Less expensive than Whole Life; Larger death benefit than Whole Life
Universal Life is for people who are able to afford a higher premium than term life and want to save for retirement. The policy acts as a savings account. Part of the monthly payments go towards the cost of insurance and the other portion goes to an account that grows at around 4% that can be used for retirement or any other expenses. The insurance stays in force for your whole life.
Whole Life Insurance
Expensive; smaller death benefit than Universal Life
Like universal life Whole Life also uses some of the premiums to put into an account for the insured person on the policy. However, these funds grow at a higher pace because they are invested in bonds and other securities of this type. The insurance stays in force for your whole life.
Variable Life
Variable Life insurance uses your wealth to put towards life insurance in a single premium payment. Than the money is invested into the stock market to build up a higher value.
2 comments:
Nice post with lots of good information about life insurance policy types. From the above paragraph I got to know that whole will be an expensive option to choose when compared to term policy type. Variable is different kind of thing that will be treated as an investment rather than an expense.
business interruption insurance
The policy types are being describe perfectly here but it should also have some note on to show best one upon the needs, so it requires to compare life insurance policies.
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