Life Insurance

Life insurance is an agreement between the insurer and insurance company. Life insurance helps beneficiaries financially after the owner of the policy dies. This is for family peace of mind so that they may not face financial instability at the death of their loved one.

Types of Life insurance:

Life insurance has six types which are as follows:

Term Life Insurance:

Term Life Insurance is for a specific time period and does not last for whole life of an individual, because of this it is also known as Temporary Life Insurance. In Term Life Insurance, if the death occurs between that specific time period, insurance company pays cash benefits and if not no cash benefits are given after the end of insurance contract.

Whole Life Insurance:

Whole Life insurance is for the whole life of an individual. Upon the death of the policy holder the cash benefits are given to beneficiaries. The premiums are paid regularly over years by the policy holder of fixed amount. If the policy holder cancels the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you.

Universal Life Insurance:

Universal Life insurance offers many features of whole life insurance, but also provides additional features. Universal life insurance is a permanent policy. It protects the policyholder until death however long that may be. In Universal Life Insurance, the death benefit, savings element and premiums can be reviewed and changed as a policyholder's circumstances change.

Children’s Life Insurance:

Children’s Life insurance is also a type of permanent life insurance. This insurance is usually purchased to protect a family against the sudden and unexpected costs of a child’s funeral or burial. It is a least expensive insurance. It also guarantees secure and inexpensive insurance for the lifetime of the child.

Senior Life Insurance:

The best premium rates are offered to seniors in Senior Life Insurance. Most seniors already have life insurance of some kind, but it is not enough to take care of funeral expenses and medical bills. Many states have laws requiring insurance companies to provide coverage to seniors.

Mortgage Protection Life Insurance:

Mortgage Protection Life Insurance provides financial coverage for the property. In case of the death of policy holder the home safety is assured by this type of Life insurance. The home and family remain protected at the sudden event of the death. You pay a non-changing premium for the duration of your life insurance policy and if you die, the insurance pays off the rest of your mortgage.