Understand Your Options for Life Insurance
Life insurance pays a "face amount" to the beneficiary of the policy upon the death of the insured person. The purpose of life insurance is to fund the needs of anyone who would suffer from the loss of your income resulting from your death.
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Term Life Insurance
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
Whole Life Insurance
Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.[1] As a life insurance policy it represents a contract between the insured and insurer that as long as the contract terms are met, the insurer will pay the death benefit of the policy to the policy's beneficiaries when the insured dies. Because whole life policies are guaranteed to remain in force as long as the required premiums are paid, the premiums are typically much higher than those of term life insurance where the premium is fixed only for a limited term. Whole life premiums are fixed, based on the age of issue, and usually do not increase with age. The insured party normally pays premiums until death, except for limited pay policies which may be paid-up in 10 years, 20 years, or at age 65.
Universal Life Insurance
Universal life insurance (often shortened to UL) is a type of cash value[1] life insurance, primarily in the United States of America. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, as well as any other policy charges and fees drawn from the cash value, even if no premium payment is made that month
Indexed Universal Life Insurance
Indexed universal life is a type of fixed universal life insurance product, which is regulated and distributed in the same manner as fixed universal life. By contrast, indexed life usually provides a downside guarantee of 1% or less, but earns potentially higher upside interest crediting, based on the performance of an outside stock index (such as the Standard and Poors 500, a.k.a. S&P 500). Indexed life products have a floor of zero, so a consumer's money is always protected from downturns in the market. However, indexed life also has upside interest crediting potential of 13% or more (although still limited). Indexed life insurance is a moderately conservative interest-sensitive life insurance product.