Types Of Life Insurance
There are four basic types of life insurance from which you can choose. Before seriously considering a policy, it's important to understand what these four types are and what they entail.
The first is called term life insurance. Term life insurance is very straightforward. When you choose this type of coverage you pay for a specific duration of time. During that period, your chosen beneficiary receives the benefits of your policy in the event of your death. You should know that there are subcategories that fall under the category of term life insurance.
For example, you may choose an annually renewable term life policy. Obviously, this would be a policy you choose to renew (or not to renew) each year. Because the price of the policy and premiums may go up as you get older, consumers may want to choose to avoid the annually renewable term life policy in favor of something like a guaranteed level term life insurance policy. This type of policy stays the same price for a specific time period of time that can range from 5 to 30 years depending on what you've chosen. The newest type of term life is called ROP or return of premium term life insurance. It pays out the value to you at the end of the term if you are still living. If you die during the term the funds go to your beneficiary.
Whole life insurance is another type of coverage to consider. This type of policy covers you for your entire life rather than a specific term. A whole life policy will cost more on average and have higher premiums than term life policies, however, the investment potential and lifelong coverage are appealing to some insurance shoppers.
Then there's universal life coverage. You can add your preferred amount to the minimum price of the premium. The insurance company then invests the funds with returns that are put into the premiums, or left to accumulate. One subcategory of universal life insurance is universal variable life which lets customers choose what they want to invest in rather than the insurance company choosing for them.
Variable life is another one of the main basic types of life insurance. With variable coverage, you have more investment opportunities, which includes stocks. This policy type is similar to universal coverage because the returns are either used towards premiums or allowed to accumulate in an account. Your beneficiary receives either the value of the policy, or the value of the policy, in addition to a portion of, or the full cash investment returns account. If you need help choosing between the policies available, speak with a trusted insurance agent or try doing additional research online.
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