it is important to state that the life insurance policy you shall take depends on so many factors and this may depends on the financial assistance you shall decide to leave behind for your family at your death and so while considering the life insurance policy to take, You should consider your family’s comprehensive future expenses and income, including major life events. Your current assets are also important to consider, along with any potential for those assets to increase in value. Types of Life Insurance Policies You May Need
This page Types of Life Insurance Policies You May Need is prepared for you.
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it shall also be important to consider the Different types of life insurance we have and some of their features
The Common types of life insurance include:
Term life insurance.
Whole life insurance.
Universal life insurance.
Variable life insurance.
Simplified issue life insurance.
Guaranteed issue life insurance.
Group life insurance.
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The different types of insurance can be summarized into two categories:
Term life insurance. These policies last for a specific number of years and are suitable for most people. If you don’t die within the time frame specified in your policy, it expires with no payout. This is usually important to be entered at old age.
Permanent life insurance. These policies last your entire life and usually include a cash value component, which you can withdraw or borrow against while you’re still alive. This will be important to be entered at any time of your life.
Other types of life insurance
Group life insurance is usually offered by employers as part of the company’s workplace benefits. Premium for this type of life insurance policy is paid as a group rather than each individual. In general, employers offer basic coverage for free, with the option to purchase supplemental life insurance if you need more coverage.
Mortgage life insurance covers the current balance of your mortgage and pays out to the lender, not your family, if you die.
Credit life insurance pays the balance of a specific loan, like a home equity loan. Your bank might offer to sell you a credit life insurance policy when you take out a loan. If you die, it pays off the lender, not your family.
Accidental death and dismemberment insurance covers you if you die in an accident, such as a car crash. AD&D insurance also pays out for the loss of limbs, as well as the loss of your sight or hearing.
Visit your insurance agent to explain more on the Types of Life Insurance Policies You May Need.
