Choosing the best type of life insurance for your needs is an important part of financial planning. If you’re new to the world of life insurance, it can be overwhelming. Not sure how to choose the right type of life insurance policy? This comprehensive guide starts with the basics (life insurance for dummies) and goes into detail on the different options you have when it comes to choosing between types of life insurance policies. What is Life Insurance and Who Needs It? Life insurance is simply a contract between you and an insurance company. When you purchase life insurance you make monthly payments, or premiums, to keep your policy valid. Premiums vary depending on your age, gender,...
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Level Cover – pays out up to a £500,000 single payment What it could be used for. Level Cover means your family will get the same amount of money if you die while you're covered. The money can make a great difference to your family and their lifestyle if you’re not around to help provide for them. For instance, having money to help pay off the mortgage could help them keep their home. How does Level Cover work? You decide how many years you want your policy to last. This is known as the policy term and the policy finishes at the end of this term. The policy pays out if you die or are diagnosed with a terminal illness that meets our definition during this time. The amount you are covered...
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What are the different types of life insurance? Determine How Much Life Insurance Coverage You Need For many people, your 40s are a time where you re-confirm many financial decisions made to date in your life. Are you on pace for a comfortable retirement? Is it time to refinance your mortgage for a better interest rate? Have you saved enough to take some of those dream vacations? For some, your 40s could be the first time you’ve ever needed life insurance. Maybe you had your first child later in life, or you’ve even taken out a loan to start a new business. Typically, nowhere in those fantasies do the topics of shared financial responsibilities and preparation for the unexpected come into...
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Talking about different types of life insurance and just life insurance in general can be a confusing and scary thing to do, but we believe it’s something everyone should think about. Life insurance can help provide for your family if an unforeseen circumstance occurs. It also helps give you peace of mind that your family will have some financial assistance after you’re gone. You might ask yourself, “Don’t I already have life insurance through my employer?” If your employer offers life insurance coverage and you’ve signed up, then yes, however what happens if you decided to leave that company? Purchasing a separate life insurance policy will give you added protection and you won’t lose it...
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Whole life insurance policies are designed to provide life insurance coverage for the entire life of the insured. We’ll explain several types of whole life insurance in this article, including participating and non-participating whole life insurance, limited payment whole life insurance, single premium whole life insurance, and high early cash value whole life insurance. All types of whole life insurance offer death benefits that are guaranteed, and they usually have premiums that do not vary. In addition, all types of whole life insurance policies are designed to grow cash value that is tax-deferred. As long as the premiums of a whole life insurance policy are paid and the policy...
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‘Life insurance’ is often used as a broad term to describe quite different forms of insurance relating to life events, such as getting sick or passing away. Here’s a list of some of the types of insurance that get lumped into this category. 1. What is life or term life insurance? Life or term life insurance products are designed to provide a lump sum payment to your loved ones or estate if you were to pass away or in some cases an early payment if you’re diagnosed as terminally ill. Life insurance is often taken out by those who have financial dependants – such as a partner, children or aged parents – who would be affected if they were no longer around. 2. What is critical illness (...
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For people new to life insurance, the information surrounding buying a life insurance policy can all be very confusing. Most people must place a lot of trust in their life insurance agent, and hope that the agent has their best interests at heart. Fortunately, most of the agents out there do in fact have their clients best interest in mind when they make a recommendation to purchase a particular life insurance policy. Unfortunately, if an agent does not have the right intentions, most people will not know about it until it is too late. For the protection of everyone purchasing a life insurance contract, at Life Ant, we always recommend that our clients educate themselves as thoroughly as...
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There are four different types of life insurance: variable life insurance, universal life insurance, whole life insurance and term life insurance. When purchasing life insurance for yourself or a member of your family, it’s helpful to understand the different types before making your final decision. A variable life insurance policy is a permanent policy that provides a variable death benefit to a designated beneficiary upon the policy holder’s death. With a variable policy, you can allocate part of your premium to an investment account composed of a combination of equity funds, bond funds, money market funds and stocks. When your investments earn a good return, you can apply this amount to...
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You probably know that having a life insurance policy is important, but may not know which of the array of options is right for you. Here, we break down the different types of policies and explain which may be better for certain situations. There are two basic types of life insurance: term life and permanent (cash value) life. Term life insurance. Term policies provide life insurance for a specific period of time. If you pass away during the coverage period, your beneficiary receives the policy’s death benefit. If you’re alive at the end of the term, the policy either ends or automatically renews with an annually increasing premium until age 95. Term policies are generally available...
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Find out how the different life insurance options work so that you will know which one is best for you – the choices can be complex in some cases. An Overview of the Different Types of Life Insurance If you have children or other dependents or loved ones to take care of or have debts that would need to be paid off if you died, then you probably need some form of life insurance coverage. In generations past, you would essentially have only two choices: term or whole life there has been a virtual explosion of new products coming available during the past 20 years or so, and finding the right type of insurance policy for you may be harder than you anticipated. The new types of life...
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