Life Insurance Policy: 3 types of Life Insurance Policies DescribedPosted by Your Life Insurance Solution on March 26th, 2020 Presently, the insurance industry pushes to create more personalized insurance coverage for life insurance policyholders. The truckload of life insurance policies offers insurance seekers an excellent list to select from. But, too often, these numerous options leave prospective policyholders confused about which to choose. You may consider these life insurance policies: · Level Term Life InsuranceWith this plan, your premium and benefits are static over the specified period. · No-level term life insuranceNo-level payment changes as the years count. There’s either a premium increase or a benefit decrease. Whole life insurance falls under permanent life insurance policies. As long as policyholders do not default on payments, whole life insurance — as the name suggests — offers a whole-life cover. The premium is usually fixed throughout the policy’s lifespan. Universal life insurance is also a permanent life insurance policy. However, whole life and universal life insurance have two primary differences; namely: · FlexibilityUnlike whole life, with universal life, you can decide the amount of your payment that goes for the death benefit and what portion enters your cash-value account. · ExpirationWhile whole life insurance beneficiaries receive benefits even if policyholder reaches 170, universal policies expire. Primary among other factors to consider when selecting a life insurance policy are flexibility and convenience. What works for your boss at work may be financially inconvenient for you. Ask Google for the best insurance companies and compare offers. Remember — regardless of your live coverage option, you can always cash in life insurance, whenever.
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