You've spent countless hours researching life insurance options, but still aren't sure which one is right for you and your family. Between reading articles and vetting life insurance companies, it can start to feel a lot like homework. (And who likes homework?) Life insurance options.
We're here to help guide you through the process — not give you more work to do. That's why we've broken down some of the most common types of life insurance, in order to make it easier to find the financial protection your family needs.
To start, ask yourself these two questions: How long do I want the policy to last and how much do I want to pay?
Then, read on to find the policy that best aligns with your goals — not the other way around.
Term Life Insurance
One of the most affordable options, term life insurance is ideal for those looking for greater coverage (the monetary value of your policy) for a set period of time. Many terms last for 10 to 30 years, depending on which option you select. Once your term ends, so does your coverage.
Accidental life insurance
Term life insurance may be beneficial for those who have greater coverage needs now that may diminish over time. Maybe your family is growing in size — and you're doubling up on coffee to keep up with them. You might need greater coverage from their first steps to the day they walk across the stage to accept their diplomas.
When your "term" ends, you may have the option to renew your term life policy or choose a more permanent option for coverage, such as whole life insurance.
Can't decide between term and whole life insurance? There's one type of policy that can potentially offer you multiple beneficial features: Convertible Term Life Insurance. It allows you to purchase a term life policy now with the option to convert it to a permanent (whole life) policy later, without a new medical exam or the need to prove insurability.
Guaranteed Issue Whole Life Insurance
Life insurance isn't just for those who are young and at the peak of their health. There are certain life insurance policies, such as Guaranteed Issue Whole Life Insurance, that allow you to obtain coverage without completing a medical exam or answering a long health questionnaire. If you meet the age requirement (50 to 85 years old), you can't be turned down for any health-related reason. So you can find the coverage you need, without the hassle you don't.
You can also choose how much coverage you need — from $5,000 to $25,000*. Similar to a traditional whole life insurance policy, guaranteed issue whole life insurance offers a locked-in rate that won't increase as you age or if your health status changes. Each time you make a payment, your policy will grow in cash value.
Guaranteed issue whole life insurance also offers living benefits to those suffering from certain chronic or terminal illnesses, based on the terms outlined in your policy, at no additional cost.
It's an attractive policy for those who meet the age requirement and want to help ensure their loved ones won't have to shoulder the financial responsibility of medical bills, credit card debt, or funeral costs alone.
When it comes to life insurance, it's good to have options. Just make sure to take your time, do your research and ask questions. With AIG Direct, you can even direct those questions to an expert. If you'd like help finding the right policy for you and your loved ones, call one of our nationally licensed agents at 800-294-4544.
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© 2018 AIG Direct Insurance Services, Inc. Agency services provided by AIG Direct Insurance Services, Inc. ("AIG Direct"), CA license # 0B57619 and AR license # 0100105378, a subsidiary of American General Life Insurance Company ("AGL"), Houston, TX and an affiliate of The United States Life Insurance Company in the City of New York ("US Life"), New York, NY, all members of American International Group ("AIG"). Each issuing insurance company is responsible for financial obligations of their respective insurance. Guarantees are backed by the claims-paying ability of the issuing insurance company. Products may not be available in all states and product features may vary by state. For all companies mentioned, their financial professionals and other representatives are not authorized to give legal, tax or accounting advice. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant.