Insurance policy can be helpful in terms of taking care of your debts, mortgages and family finances when you are dead. If you are looking to buy a policy, here is a list of some you should consider
Term life insurance policy
It is the simplest form of life insurance policy. Term life insurance covers death protection alone. Most term insurance policies are affordable and easy to obtain.
Universal life insurance cover
It is a form of permanent coverage and provides death benefit and cash value component. In this insurance your fund will go tax deferred. With guidelines, you can chose how much will go towards your benefit and how much you will put towards the cash value policy. You are given access to your cash vale account, meaning you can withdraw for any reason. This policy favour those who want to pay off debts, retire and even those going on vacation.
Permanent life insurance cover
It is different from term life insurance policy because of its unrestricted coverage. This insurance offers cash value component as well as the death benefit. Unlike term-life this insurance does not have a time limit. As the name suggests, it is intended to last an individuals’ lifetime, given they purchase the premium.
Increasing and decreasing life insurance coverage
In this insurance, the death benefit decreases over time. When you buy the premium, the benefit remains the same. Usually, when the policy ends on a decreasing term policy, you are left with zero benefits. You may purchase a decreasing term policy if you want to cover an unpaid mortgage
Final expense life insurance coverage
It is popularly known as the burial insurance. It is for seniors aged between 50 and more. It covers funerals and all related expenses.
Whole life insurance policy
It is the simplest permanent insurance policy. When you purchase the premium, you are good for life it is helpful if you don’t want to keep spending on insurance. The insurance is the same for everyone. Whether you are young, have a pre-existing heath condition or you just want an insurance policy
Survivorship life insurance
It covers more than one person. When the first person dies, the insurance holders pay out and the funds will cover their funeral and the cash value of both individuals. The premium amount is more than in a one-person insurance but less than taking one two separate insurance policies.
Variable life insurance cover
It falls under permanent life insurance coverage. It offers both a death benefit and cash value coverage. With the variable insurance, you can take part investment options to gain equity and grow your funds. It also means you can lose your policy to market drops. During market fluctuation, you founds may increase and death beneficiary can lower.
Variable universal life insurance
It works like regular universal life insurance but the policy holder is allowed to invest their funds like in variable life insurance. There is no minimal cash value therefore you can lose your funds to market fluctuations.
No medical examination will be required to purchase this form of insurance. it is meant for individuals who are less likely to be approved for other policies because they have adverse health conditions.