Types Of Life Insurance

Keep in mind you have four different types of life insurance from which to choose. Before seriously considering a policy it is important to understand the four different types and what they entail. The first is called term life insurance. Term life insurance is very straightforward. When you choose this type of coverage you pay for a specific duration of time. During that period, your chosen beneficiary receives the benefits of your policy upon the event of your death. You should know that there are subcategories that fall under the category of term life insurance.

As an example, say you want a term life policy that renews annually. This is a policy that you choose to renew (or not to renew) each year. Because the price of the policy and premiums may go up as you get older, some consumers choose to avoid the annually renewable term life policy in favor of something like a guaranteed level term life insurance policy. This type of policy stays the same price for a specific time period that can range from 5 to 30 years depending on what you've chosen. The newest type of term life is called ROP or return of premium term life insurance. It pays out the value to you at the end of the term if you are still living. Of course if you die during the term the funds go to your beneficiary.

There is another type of insurance coverage you can consider and it is Whole life insurance. This type of policy covers you for your entire life rather than a specific term. A whole life policy will cost more on average and have higher premiums than term life policies however the investment potential and lifelong coverage are appealing to some insurance shoppers. Then there's universal life coverage. You can add your preferred amount to the minimum price of the premium. The insurance company then invests the funds with returns that are put into the premiums or left to accumulate. One subcategory of universal life insurance is universal variable life which lets customers choose what they want to invest in rather than the insurance company choosing for them.

Yet another main type of life insurance is variable life insurance. With variable coverage, you have more investment opportunities which include stocks. This policy type is quite similar to universal coverage because the returns are either used towards premiums or allowed to accumulate in an account. In the event of your death your beneficiary receives either the value of the policy or the value in addition to a portion of or the full cash investment returns account. If you need help choosing between the policies available, speak with a trusted insurance agent or try researching online.

 

 

Life Insurance News:

 

PLIA marks Insurance Consciousness Week
The Philippine Life Insurance Association (PLIA), the umbrella organization of the life insurance industry, launched The Life Insurance Consciousness Week (LICW) celebration for the year 2010 with a Corporate Governance Form held at the Insurance Institute for Asia and the Pacific (IIAP) last August 18, 2010...


Americans Households With Life Insurance Hits 50-Year Low
30 Percent Have Coverage The number of American households with individual life insurance has hit a 50-year low, according to the Windsor-based trade research firm Limra...


Bring Your Genes to Your Life Insurance Sales Representative « The .
In the United States of today, the logic of the life insurance industry and of risk underwriting is pushing us toward the second answer. If some life insurance companies use genetic informationEURlike that being tested for in EURśbring your ...


China Life to further expand banking-insurance sales channel - Trading Markets (press release)

China Life to further expand banking-insurance sales channel
Trading Markets (press release)
China Life Insurance (LFC.NYSE; 02628.HK; 601628.SH) aims to speed up the expansion of insurance policies with installment payments in the second half of .
China Life says no fundraising plan in short runChina Knowledge Online

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Shelter Life Insurance Company again ranked among 'Top' 50 in nation
COLUMBIA, Mo. -- Shelter Life Insurance Company, which has a branch in Greencastle, has been recognized by Ward Group as a top-performing life insurer for the fourth consecutive year. The "Ward's 50"...


Life Insurance Ownership Falls: LIMRA - National Underwriter Life and Health Insurance News

Life Insurance Ownership Falls: LIMRA
National Underwriter Life and Health Insurance News
By NU ONLINE NEWS SERVICE The number of individuals owning life insurance has hit a 50-year low, according to a new study. Only 44% percent of US households .
More Go Without Life InsuranceWall Street Journal
Life insurance and retirementBankrate.com
Fewer Americans have life insuranceMSN Money
PR Newswire (press release) -WTOP -Newser
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$707404 Federal Contract Awarded to General American Life Insurance - Insurance News Net (press release)

$707404 Federal Contract Awarded to General American Life Insurance
Insurance News Net (press release)
31 -- General American Life Insurance Co., Redlands, Calif., won a $707404.32 federal contract from the US Department of Veterans Affairs' Network 22 .

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Americans Households With Life Insurance Hits 50-Year Low - Hartford Courant
The number of American households with individual life insurance has hit a 50-year low, according to the Windsor-based trade research firm Limra. Thirty-five million American households EUR” or 30 percent of U ...


AIG Commits To Selling Nan Shan To China Strategic Consortium - FOXBusiness
TAIPEI -(Dow Jones)- American International Group Inc. ( AIG ) said in a statement Tuesday it is committed to selling its stake in Nan Shan Life Insurance Co., its Taiwan life-insurance unit, to a consortium ...


New Parents Need Life Insurance to Protect Family | and Life Insurance
If you have just brought home a new baby, it's time to buy life insurance or increase your existing coverage to protect your growing family. Life insurance...


NY Life tops 2Q list of fixed-annuities sellers - InvestmentNews

NY Life tops 2Q list of fixed-annuities sellers
InvestmentNews
New York Life Insurance Co. was the top seller of fixed annuities during the second quarter, with $1.74 billion, according to Beacon .
Second-Quarter US Sales of Fixed Annuities Drop 30%, but Rate Advantage Over .Insurance News Net (press release)
Fixed Annuity Sales Fall from 2009: BeaconNational Underwriter Life and Health Insurance News
Beacon's Fixed Annuity Premium Study Reports Second Quarter's Fixed Annuity SalesGlobeNewsWire (press release)

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Life Insurance Payouts: Are You Earning Enough on the Money? - CBS MoneyWatch.com (blog)

New York Times

Life Insurance Payouts: Are You Earning Enough on the Money?
CBS MoneyWatch.com (blog)
Did you get a payout from a life insurance policy? Is it sitting in a special checking account provided by the .
Prudential Veterans-Insurance Suit Adds Fraud ClaimsBloomberg
Prudential defends armed service members payout practicesNorthJersey.com
Dead soldiers' parents sue insurer over benefitsThe Associated Press
New York Times -NASDAQ -DailyFinance
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Key Considerations About No Medical Term Life Insurance Promotions .
Have you seen those too good to be true television commercials reporting that you can easily obtain term life insurance coverage for $10 a month...


HCC Life Insurance opens new office in Scottsdale, Arizona - Insurance Business Review

HCC Life Insurance opens new office in Scottsdale, Arizona
Insurance Business Review
By Staff Reporter HCC Life Insurance Company, a provider of specialty insurance specializing in writing medical stop loss and group life insurance, .
HCC Insurance Holdings opens new officeTrading Markets (press release)
HCC Insurance unit opens Arizona officeHouston Business Journal

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China Life says no negotiations with AIG on AIA stake - Insurance News Net
China Life (TPE:2823) denied on Thursday reports saying it could be part of a Chinese consortium talking to AIG (NYSE:AIG) over the acquisition of 30% in its Asian life insurance unit AIA, Reuters reported. China Life's ...


Can you borrow from a whole life insurance policy? - Financial Web
A whole life insurance policy is a type of insurance policy that accumulates a cash value as you pay into it. Your policy's cash value can grow based on the returns of the investments as well. If you ever need access to the money, ...


Life Insurance Corporation of India crosses One Crore Individual Policies mark
Bangalore, Aug 27: India's largest life insurer, Life Insurance Corporation of India, has crossed of One crore mark Individual Policies for the current financial year, with First Premium Income of Rs 15,917 crore in the fortnight ended August 14, 2010...


Term Life Insurance: Why It?s the Most Preferred Choice » Term .
Life insurance can be of two types-whole life insurance and term life insurance. As the name suggests, whole life insurance...


A.M. Best Revises Outlook to Stable for Ameriprise Financial, Inc. and Its . - MarketWatch (press release)

A.M. Best Revises Outlook to Stable for Ameriprise Financial, Inc. and Its .
MarketWatch (press release)
The revised outlook for the life insurance companies primarily reflects their strong risk-adjusted capital position and the improved liquidity and overall .

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Ownership of Individual Life Insurance Falls to 50-Year Low, LIMRA Reports
Despite the fact that most American families have less to fall back on financially than when the economic downturn began, ownership of individual life insurance has hit a 50-year low, according to a new LIMRA study...


Ocean Life Insurance (Thailand) Selects Mastek's ElixirAsia Policy Administration System as its IT Platform for Growth
- OLI set to Improve Operational Efficiency and Gear up for Growth in the Thai Market - ElixirAsia Policy Administration System implementation to Cover Both Individual Life and Group Life..


Fewer Americans have life insurance - MSN Money
The figures come from the " Trends in Life Insurance Ownership " study, which the industry group LIMRA conducts every six years. This year's survey reports that the percentage of households with life insurance has ...

Cheap Life Insurance Term Life Insurance From Barclays Life .
Life insurance policies are a complicated product, in particular given that there are more than a few different variants and alternatives to decide from. On...


Life Insurance Stocks Declining (MET, LNC, GNW, MFC) - Newsworthy Stocks (blog)

Life Insurance Stocks Declining (MET, LNC, GNW, MFC)
Newsworthy Stocks (blog)
MetLife, Inc. is a provider of insurance, employee benefits and financial services, with operations throughout the United States and the regions of Latin .
Lincoln National Shares Rise on News of BuyoutNational Underwriter Life and Health Insurance News

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