It is important to plan for your financial aspects when you are not there, for providing the financial security of your family. People too often overlook life insurance as they are not clear about the consequences in the event of their death without having necessary coverage that would severely impact the survivors.
It must be realized that your decision to buy life insurance policy is the single most important step you could make in your life. QuickHealthInsurance provides an overview of the different types of life insurance plans available. The general overview given for each type of policy will help you to make the best choice for you and your family.
Types of life insurance
- Term life insurance - this type of life insurance is affordable and flexible and provides coverage for a certain period or term.
- Permanent life insurance - this type of life insurance provides coverage for the entire period of life.
- Whole life insurance - it is a permanent life insurance with premiums remaining the same throughout the life of the policy and has a portion invested.
- Universal life insurance - this type of insurance is similar to whole life insurance, but is more flexible with the option of adjusting the amount of premiums and death benefit.
- Variable life insurance - this kind of insurance provides you to make decisions about where to invest the money.
- Variable Universal Life Insurance - this kind of life insurance can be used to adjust the amount of death benefit, investment choices and premiums.
- Survivorship life insurance - the insurance insures both you as well as you spouses with a single policy, with proceeds of the policy payable after the second death.
- Convertible life insurance - one can convert to a different policy at the end of the term.
- No Medical Exam Life Insurance - this type of policy does not require any medical exam for approval; it is not for people who have any serious type of health related issues.
- Child life insurance - this insurance is specifically meant for children.
- Senior life insurance - this is a policy specially meant for the coverage of senior.
- Group Life Insurance - this insurance is for businesses that provide insurance coverage for their employees.
- Military Life Insurance - this insurance is meant for retired military personnel and veterans.
- Key man life insurance - one can protect their business with this type of life insurance policy.