It is wise to make sure your family is financially protected in case you or your spouse die. However, there are various types of life insurance in the market, so it is vital to make sure you choose what is right for you and yours. The following includes various types of life insurance:
Term Life Insurance
This life insurance has an expiration date where it lasts for a certain number of years, but there will be no payout to your family if you or your spouse don’t die before the expiration date.
Whole Life Insurance (Permanent)
This life insurance lasts for you or your spouse’s whole life and increases cash value as you keep up with the premiums.
Universal Life Insurance
This life insurance policy includes a cash value that goes toward the death benefit and the cash value. You also can change the amounts of the death benefit and premium without obtaining a new policy.
Variable Life Insurance
With this life insurance, you are guaranteed a fixed death benefit and premiums regardless of the market trends.
Simplified Issue Life Insurance
With this insurance, it is not required to take a medical exam. However, instant approval or rejection is determined through a few health questions that must be answered on online health questionnaires using data and algorithms for a quick application process.
Guaranteed Issue Life Insurance
Just about anyone within an eligible age range, usually 40 to 85, can not be rejected and without needing a medical exam.
Group Life Insurance
Employers provide life insurance as part of the workplace benefits. Thus, the company’s workplace as a whole determines the premiums instead of each individually.
Indexed Universal Life Insurance
According to a stock market index, this life insurance relates its cash value, and thus, a formula determines the gains.
The different life insurance types mentioned above are common types of life insurance, and there are more important details about these types of life insurance. Other types of life insurance policies are available, including mortgage life insurance, fully underwritten life insurance, credit life insurance, accidental death and dismemberment insurance, and joint life insurance.
For more information about life insurance, contact Dalessandro Agency Inc. today. For 25 years now, Dalessandro Agency Inc. has locations in Kentwood, Charlotte, and other areas around Grand Rapids, MI. They have been providing outstanding service to people in Grand Rapids, MI and surrounding areas. Contact them today.