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Life Insurance: Coverage Types

Term Life Insurance

This is the most common policy and the cheapest of all.
Insured are covered for certain years on a certain dead benefits. There are no elements of saving and disability within this policy. The beneficiaries will get the benefits upon the insured death without paying any taxes.
The minimum benefits available are 50K for kids and 100K for adults.
It is common to purchase Term contract for 10-30 years, with an option to continue and be insured until the age of 95-100 without proof of insurability.

This policy is recommended for people with responsibilities for a certain time. Such responsibilities may be:

  • Give the family 5 years of lost income.
  • Pay mortgage balance.
  • Pay debts (car loans, student loans, credit cards balances).
  • Pay college tuition for all the kids until graduated.

Term Life Insurance with Return on Premium.

This Term policy pays all the premiums back (without interest) to the insured if he/she alive at the end of the term.

Universal Life

Universal Life Insurance is a flexible-premium, adjustable benefit life insurance policy that accumulates account value.
As with all life insurance, the main purpose for buying a Universal Life insurance policy is the death protection provided to your loved ones at your death.
Benefits of Universal Life

  1. Flexibility -- You decide how much life insurance you need -- and subject to certain requirements and limitations, you can adjust the death benefit and premium payments to fit your changing needs
  2. Tax-Free death benefit -- Under current tax laws governing individual life insurance, life insurance proceeds are generally income tax free to the beneficiary
  3. Tax-Deferred account value growth -- Your policy's Account Value earns interest at the company's current interest rate -- federal income tax deferred.

Whole Life Insurance

Permanent life insurance coverage for as long as you live and continue to make timely premium payments. With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.

Variable universal life insurance?

Variable universal life is a flexible premium life insurance policy, which provides life insurance protection with long-term investment growth potential of the policy's account value. You may increase or decrease planned periodic premium payments, skip premiums or make additional premium payments within limits. You may also increase, subject to insurability, or decrease, within limits, your coverage without having to purchase a new policy.
What are the basic benefits of variable universal life insurance?
Variable universal life insurance offers the following benefits:

  • Financial protection for your beneficiaries against your premature death.
  • Opportunity to allocate your net premiums among a variety of investment options.
  • Federal income tax deferral on any growth in the policy account value.

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