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 Life Insurance Plans
Life Insurance Plans

Life Insurance Policy Types

A life insurance policy is like a contract which the policy holder buys to guarantee certain benefits to his beneficiaries in the event of his death. Depending on the different kinds of individual requirements and preferences, policies offering life insurance coverage may be classified into the following categories:

Term Life Insurance

Offers coverage for a specific time period and can be purchased for a certain price. In case the individual who has been insured passes away during this time period, the policy value is handed over to his beneficiary. Term life can be of different types and knowing about the details of each is useful before investing in them.

Permanent Life Insurance Plan

Coverage here remains valid till it matures. In this policy, the premium a policy holder pays is equal to the amount the insurance provider pays in case the insured person dies. In other words, premiums are likely to come down with time as the paid premiums resemble investments having cash value.

Whole Life Insurance

Whole life insurance offers coverage for an individualís entire lifetime during which the buyer pays annual premiums. A certain portion of this premium amount goes into investments and accumulates as cash value but the premiums are not flexible.

Universal Life Insurance

Universal life is a term policy wherein a part of the premium paid goes into cash value as investment. These may be of different types like those where investments may be used for buying a policy (where cash value becomes lower) and others where investments become integral to the policy. Here premiums are flexible and the policy payout becomes more depending on premiums paid.

Variable Life Insurance

Variable life policy offers greater variety of options where investments are concerned. These investments have the opportunity to grow and the returns on such investments are used for premium payments.

Limited Pay

Limited pay policy is one where the individual has to pay premiums during a certain period of time or up to a certain age limit.

Endowment Life Insurance

Endowment life insurance is a term policy where cash value amounts to the same amount which is handed over as death benefit at a particular age termed as endowment age.

Accidental Death Insurance

Accidental death insurance provides coverage for accidental deaths but is not made available to persons engaging in hazardous employments or professions. This coverage is typically more costly than other regular term insurance coverage.

Combining Different Types of Life Insurance

You can combine different types of policies depending on your buying options- premiums change accordingly. When you buy a life insurance policy, you may have to wait for sometime during which the provider can contest a death prior to sanctioning death benefits to the beneficiaries of the deceased.

Life Insurance Policy Changes

These may be introduced depending on individual requirements and preferences. The policies can be suitably customized keeping in mind individual needs like:

  • Survivorship policy insures dual lives and is paid in the event of the second death.
  • Joint life covers a permanent policy insuring two or more lives and proceeds are paid in the event of the first death.
  • Modified whole life policy includes smaller premiums during a certain time period followed by higher premiums for the remainder of the policy term.
  • Single-premium whole life wherein premiums are paid in totality when policy is issued.
  • Preneed life which is typically bought by seniors for taking care of funeral costs after death.

There are several other types of life insurance schemes with more comprehensive and flexible policies being introduced into the market every day.

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