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As we mentioned in previous article, A life insurance policy is evidence of a contract between two parties; one party is the life insurance company and the other party is the policy owner. In this article, we will discuss types of life insurance.
There are 3 Types of life insurance
1. Term Insurance
Term insurance is the oldest form of life insurance. In the term insurance policies, the insurance company promises to pay the sum insured, if the life insured dies within the period specified in the policy; if the life insured is alive at the end of the period, the policy terminates on that date and the life insurance protection ceases. term insurance has the following characteristics
a) Increasing term
b) Decreasing term
c) Fixed-period term
d) Renewability and convertibility
e) Re-entry Term
d) Term to 100 plans
2. Permanent insurance
During the early policy years, the premium would be more than enough to cover the risk; the difference would be invested to form policy reserves, to subsidize what would otherwise be an inadequate premium in the later years: This concept still remains the basis for calculating premiums for all permanent insurance contracts.
3. Universal life
Unlike a whole life policy, its premiums can be increased or decreased, paid when due or at unscheduled dates, or stopped entirely and restarted at the owner's will-- provided the policy value is adequate to maintain the cost of the insurance. Flexibility exists in the options to increase or decrease the policy's face amount; evidence of insurability is usually needed for the increases. This policy can be adapted to satisfy the changing insurance and investment needs of its owner; because it generally has few long-term guarantees, however, a universal life policy should be reviewed regularly.
I hope this information will help. If you need more information, you can read the complete series of the above subject at my home page:
http://lifeanddisabitityinsuranceunderwriter.blogspot.com/
http://lifeinsuranceii.blogspot.com/
