Affordable Life Insurance Protection for Your Family
Types of Life Insurance Policies
What Type of Life Insurance Policy Is Right for You?
If you’re looking for a life insurance plan to protect the ones you love you may want to review your options when it comes to choosing the right plan to meet your family’s needs.
There are several key factors to consider before selecting a policy, including:
Now that you’ve considered these important question, here are descriptions of different types of life insurance plans available.
Different Life Insurance Policy Types
Term Life Insurance
Term life provides coverage that lasts for a specific duration, usually up to 30 years. You may select coverage lasting for 10, 15, 20, 25 or 30 years.
In addition, some plans offer coverage that lasts until a specific age – 80, for instance. Each policy will have a premium guarantee which may vary by policy.
For example, you may have premiums that are guaranteed to remain the same each year for a period of 10 years. Your policy provide coverage for the "term".
You may be able to convert your term (temporary) coverage into a permanent life insurance policy. Term insurance is lowest priced life insurance by far. Get a free quote.
Types of Term Life Insurance
Permanent Life Insurance
Permanent, also known as, whole life insurance provides coverage for your entire lifetime.
The premium you pay remains the same for the life of your policy.
These plans build up cash value inside the policy over time, from which you my take a loan.
Permanent insurance can cost up to 5 to 10 times more for the same amount of life insurance compared to term insurance.
Permanent life insurance policies are also known as cash value life insurance because of the cash feature. Get a free quote.
Guaranteed Issue Life Insurance
This plan provides permanent protection and builds cash value. There is no health exam required and you won’t have to answer any questions about your health.
You are guaranteed approval for coverage if you meet the age requirements; for example, age 45 to 85. Get a free quote.
Accidental Death Insurance
This plan provides life insurance coverage that pays out a death benefit if the insured person dies as a result of an accident.
Usually, death must occur within 6 (or 12) months of the accident in order to be covered under the policy. Get a free quote.
Child Life Insurance
This plan provides life insurance on your child (or grandchild).
These policies build up cash value and provide lifetime (permanent) life insurance protection.
This plan may offer the option of increasing the amount of life insurance provided by the policy when the child reaches adulthood. Get a free quote.
Compare Life Insurance Quotes
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