Breaking Down The Different Types Of Life Insurance, And Finding The Right Policy For You.

There are several different types of life insurance. No matter what your circumstances are there is a life insurance policy for you. Here is a list of the different life insurance policies that are available.

Life Insurance Policies

  • Term life insurance– Is a life insurance policy that provides coverage at a fixed rate of payments for a specified period of time (10, 15, 20, 25, or 30 years). Benefits are paid to a beneficiary when the insured person dies.
  • Whole life insurance– Is a life insurance policy that is guaranteed to remain in force for the insured’s entire life providing that the premiums are paid. It accumulates a cash value and benefits are paid to a beneficiary when the insured person dies.
  • Guaranteed universal life insurance– Is a term life insurance policy that will provide guaranteed premium payments and guaranteed death benefits for a limited period.
  • Variable life insurance- is a permanent life insurance policy with an investment component. This type of policy has a cash value account, which can be invested in several different sub-accounts in the policy. These sub-accounts are like a mutual fund, but its only available in this type of policy.
  • Equity-indexed life insurance- Is a permanent life insurance policy that lets it policyholders tie accumulation values to a stock market index.
  • Guaranteed issue life insurance- is a life insurance policy that is guaranteed to be issued. Regardless of your health you cannot be declined or turned down with this type of policy.
  • Accidental Death insurance- is a policy that pays benefits to the designated beneficiary if the cause of death is due to an accident.
  • Simplified issue life insurance- is a type of life insurance policy where the consumer answers a few questions instead of answering the normal amount of questions about their medical history. The consumer would not have to go through a medical exam.
  • Final expense life insurance- also known as burial insurance is a type of policy that is set in place to cover the bills that will occur after someone dies. These costs include medical bills and funeral cost. This type of insurance can be purchased by or for anyone ages 0-85 years old.

With all these policies available anyone can find the right coverage. At udecideit.com we have an agent ready to go deeper into explaining each policy and get you started today.

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