LIFE INSURANCE PRODUCTS
There are a variety of life insurance products to choose from
Term life insurance lasts for a set number of years before it expires. If you die before the term is up, a set amount of money, known as the death benefit, is paid to your designated beneficiary
Whole life insurance is considered a permanent life insurance policy because if does not expire. It has a death benefit but also a cash value, which is a tax-deferred savings account that is included in the policy
Universal life insurance has a cash value, just like a whole life insurance policy. Your premiums go toward both the cash value and the death benefit.
Variable life insurance is similar to whole life insurance in that they both have a cash value, but the functions of the cash values are quite different.
A variable universal life insurance policy takes the best (or worst, depending on how you look at it) of the other two policies: you can adjust the premium and death benefit amount while investing the cash value in the policy’s cash value.
With simplified issue life insurance, you can skip medical exam. That’s the “simplified” part of this policy type. Known as a “no exam policy,” a simplified issue policy gets you life insurance without the health exam
Guaranteed issue life insurance takes the concept of simplified issue life insurance – forgoing the health exam – and takes it a step further in that you don’t have to answer any questions about your health, either. As long as you can pay the premium, the insurer will cover you, needing only your age, sex, and state of residence
Final expense insurance is a unique type of policy. It covers the cost of anything associated with your death, whether its medical costs, a funeral, or cremation – whatever your literal final expenses are. It’s usually only issued to people of a certain age and the policy is valid up to a certain age.
Group life insurance is an employee benefit provided by some employers. It isn’t technically a life insurance type, but it’s important to know how it’s different from privately purchased term life
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