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 Posted: Fri Jun 12, 2009 9:11 pm Post subject: what are some different types |
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| what are some different types of life insurance policies |
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Indigo
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Joined: 12 Jun 2009
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| Posted: Sat Jun 13, 2009 2:37 pm Post subject: |
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Good luck on your project. If you have any specific questions, please try to post them in the individual forums. There is one for life, one for auto, and one where you can ask general "agent" questions. Here is the other link for the information you need:
http://www.ampminsure.org/life.html |
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ChrisBantly
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| Posted: Sat Jun 13, 2009 6:11 pm Post subject: |
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| Quote: | | what are some different types of life insurance policies |
1) Whole Life
2) Term insurance
Every other type is a combination of those two types or a fancy variation of one of them. |
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InsuranceExpert
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| Posted: Mon Jun 15, 2009 6:51 am Post subject: |
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Hi Indigo,
| Quote: | 1) Whole Life
2) Term insurance |
The benefits are the same. The difference is about the policy term and the cost.
If you have gone through the link shown above by Chris, you may ask any query that comes to your mind.
Steven |
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steven
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| Posted: Mon Jun 15, 2009 8:42 am Post subject: |
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Hi Indigo, do you have any specific question regarding life insurance?
However, what Expert has said is right there are only two main types of policies available the other forms available are only combinations of the main two forms. And, you need to pick one that would satisfy your needs.
Hope it would clarify things for you. For further queries, you may return to us anytime.
~Jeremy |
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JeremyHolter
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| Posted: Thu Jun 25, 2009 2:21 pm Post subject: |
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Two basic types of life insurance include Term life and Permanent life insurance.
Term life insurance provides temporary life insurance for a specific number of years.
Term life plans are usually available for 10, 15, 20, or 30 years, depending on your age, and health.
Term life insurance is not an investment, it ir pure life insurance protection. There is no cash value build up inside the term policy.
If you outlive the term of your policy, your life insurance coverage expires, unless you have renewable term life insurance.
Permanent life insurance is also known as whole life insurance and provides lifetime coverage as long as you pay the premiums.
Permanent life insurance builds cash value inside the policy, from which you can take a loan, subject to the Loan Provisions of your policy.
The prices vary for these types of plans, with term life providing lower premiums, sometimes 2-3 times less than permanent life insurance coverage.
Make sure you consider how much life insurance you need, what you can afford, how many years you need life insurance, and which type may be right for your needs.
Also, review the financial strength rating of the insurance company before choosing your policy. The financial rating is an indication of the insurer's ability to meet their financial obligations.
_________________
Learn how term life insurance works and compare free term life insurance quotes - visit http://www.term-life-online.com |
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Hadley
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| Posted: Fri Jun 26, 2009 12:02 am Post subject: |
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Hadley, I going to pick on your post a little bit, but mainly because I'm tired and don't want to go to bed yet.
| Quote: | Term life insurance provides temporary life insurance for a specific number of years.
Term life plans are usually available for 10, 15, 20, or 30 years, depending on your age, and health. |
The policies almost always go to a certain age and not a number of years like that. That is simply the period of time for which the premium remains level.
| Quote: | | Term life insurance is not an investment, it ir pure life insurance protection. There is no cash value build up inside the term policy. |
Permanent life insurance is also not an investment. |
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InsuranceExpert
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| Posted: Fri Jun 26, 2009 12:07 am Post subject: |
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| Quote: | | Permanent life insurance is also known as whole life insurance and provides lifetime coverage as long as you pay the premiums. |
Whole life is a subset of permanent life insurance, but all permanent insurance isn't whole life.
| Quote: | | The prices vary for these types of plans, with term life providing lower premiums, sometimes 2-3 times less than permanent life insurance coverage. |
Whole life is much more than 2-3 times more expensive in terms of initial premium, but the comparison is apples to oranges. |
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InsuranceExpert
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