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Term Life Insurance Types

Non Medical Term- Non medical life insurance is just as it sounds in that the policies are issued without the requirements of blood and urine samples and EKG reports being provided by you to the carrier for underwriting determination. No Medical is offered for both Term and Whole Life usually face amounts limited to $500,000 or less of coverage.

Fully Underwritten Term- Straight term has all same benefits , but requires a medical exam for those who may have more impairments within their past medical history.

Mortgage Protection- Is a term life policy designed to protect the insured's largest family asset the mortgage and pays the beneficiary an amount equal to or up to 125% of the mortgage balance and offers several riders to protect against disability or a critical illness to advance beneficiary payouts to cover the mortgage payments during a hardship. Most mortgage protection policies offer a waiver of medical exam during the first 13- 18 months of escrow on home financing.

Purposes For Purchasing Term Life

Term life insurance for Critical Periods In Life- Term life insurance is simply that insurance coverage for a period of time you need or want to place coverage with term lengths from 5,10,15,20, 25,30 and even 40 year term periods. Most consumer purchase term to cover the highest risk years of their lives such as after marriage , birth of a child , purchase of a home or other major debts in order to protect loved ones during the income earning critical years.

Term Insurance for the most affordable option- Young families are prudent to purchase term life insurance to protect the family at the lowest cost. Term insurance is relatively simple coverage for the last amount of cash outlay. Term polices can usually be converted to permanent policies if you determine you need coverage through retirement or for children's college funding.

Lowest cost Life Insurance
May be converted to permanent policy without re-qualifying
Beneficiary Receives Death Benefit Tax Free Lump Sum

Permanent Life Insurance Types

Permanent Polices are best designed for the following:

Retirement Planning

Wealth Transfer

Split Dollar Plans

Key Person Insurance

Deferred Compensation

Executive Benefit Plans

Business Continuation

Whole Life Insurance policies are considered permanent insurance because they payable at the end of the policy holders life the premiums are guaranteed and accumulate cash values that can be accessed at retirement or in emergencies.

This investment is inside a life insurance wrapper and therefore provides dual benefits. Including both a tax deferred cash accumulation vehicle for unexpected needs while you are living and a guaranteed face amount death benefit for the beneficiary when you pass away.

Universal Life Insurance provides is a similar form permanent insurance that provides more flexibly options in the premium payments and face coverage amounts. Insured are able to make changes as insurance needs change. Policy loans are also allowable without any interest charges.

Variable Life Insurance One of the more popular forms of permanent insurance is Variable Life Insurance which also provides the death benefit for the beneficiary but differs in that it places a portion of the premiums into a selected portfolio of investments stock, bonds and money market accounts. Variable Universal Life allows for the consumer to take advantage of the upside investment potential which reduces the need for higher premiums but also requires the consumer to assume any risk for poor performance of the funds. Simply approves the insured who is relatively healthy with no more than two treated medical impairments by simply asking a few medial questions on the application.