Understanding Life Insurance Products

published in: Life Insurance

Understanding Life Insurance Products
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Perhaps before you receive your free life insurance quote from us, you want to … When you receive a term life insurance quote from anyone, you should of …

Understanding Life Insurance Products
Perhaps before you receive your free life insurance quote from us, you want to better understand what it is you’re receiving. Life insurance is a product which pays a death bene t to a designated bene ciary upon the death of the person insured. There are two basics types of life insurance policies: term or permanent. Term Life Insurance Provides coverage for a speci c length of time or "term". The insured selects how long he/she would like to be covered when purchasing term life policies. When you receive a term life insurance quote from anyone, you should of course note how long the term is. Return of Premium Term life insurance for a speci ed period of time. The owner of the term life insurance policy receives a guaranteed return of premium paid if the policy is kept for the term period. For example, 20 year return of pre mium would guarantee a return of premium after you paid 20 years of premium. Permanent Insurance Refers to life insurance policies that cover the insured for the entire duration of his/her life. There are multiple permanent life insurance products available and when you receive a free life insurance quote, be sure you compare these terms: Whole Life Insurance Provides a guaranteed level death bene t until death or age 100 which ever comes rst, and builds a guaranteed cash value which will equal the face amount of the policy at age 100. Universal Life Insurance Provides permanent protection with exible death bene t, premium amount, payment period, cash value growth, and protection periods.
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