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life insuranceLife insurance is a form of indemnity that is purchased to offer protection against the financial consequences resulting from the death of the insured person. The insurance takes the form of payment of a predetermined lump sum and it is paid out to a predetermined beneficiary. There are 5 basic types of life insurance policies. They are as follows:
Term Life insurance is the most common form of life insurance policy due to the fact that it is the simplest & least expensive of the 5. The only purpose of a term life policy is to provide death benefits to a beneficiary after the policyholder's death. The remaining 4 life insurance policies are categorized as "cash value policies," because they provide policyholders with both a death benefit & a cash value account. Whole Life insurance is the most basic & straightforward type of a "cash value policy." It offers permanent protection for your dependent(s) whilst building a cash value account. Variable Life insurance is one of the more flexible forms of "cash value policy," and is designed to serve the interests of the more risk-oriented policyholder. Part of this flexibility is the fact that policyholders are allowed to borrow from the policy during their lifetime. Universal Life insurance is very similar to variable life insurance & whole life insurance, with the exception that it is even more flexible than either. Universal Variable Life insurance gives policyholders much more control of their cash value account policy features than any other life insurance policy. It is basically a combination of universal life and variable life. ...................................................................................................................................................................................................... Check out our list of example LIFE INSURANCE QUOTES
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