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Types of Life Insurance Policies
Youknow that you need life insurance. However,[link widoczny dla zalogowanych], with the wide variety of insurancepolicies available, you may find choosing the right one difficult. It's reallynot as confusing as it seems, however, once you understand the b[link widoczny dla zalogowanych] types oflife insurance policies. Term life insuranceWitha term policy, you get "pure" life insurance coverage. Term insuranceprovides a death benefit for only a specific period of time. If you die duringthe coverage period, your beneficiary (the person you named to collect theinsurance proceeds) receives the death benefit (the face amount of the policy). If you live past the term period, your coverage ends, and you get nothing back. Terminsurance is available for periods ranging from 1 year to 30 years or more. Youmay be able to renew the policy for a new term without regard to your health, but at a higher rate. Your premium goes toward administrative expenses, companyprofit, and a reserve account that pays claims to those who die during the termperiod. As you get older, the chance that you will die increases. To cover thisincreasing risk, your premiums will likewise rise at regular intervals. Forthis reason, premiums that were quite inexpensive at the time you initiallypurchased your term policy will become much more expensive as you get older. Most term insurance also has a conversion feature that allows you to switchyour coverage to some type of permanent insurance without answering healthquestions. Traditional whole life insurance--guaranteed premiumsWholelife insurance is a type of permanent insurance or cash value insurance. Unliketerm insurance, which provides coverage for a particular period of time, permanent insurance provides coverage for your entire life. When you makepremium payments, you pay more than is needed to pay for the current costs ofinsurance coverage and expenses. The excess payment is credited to a cash valueaccount. This cash value account allows the insurance company to charge alevel, guaranteed premium* and to provide a death benefit and cash valuethroughout the life of the policy. Asyou make payments, the cash value account grows. With traditional whole lifeinsurance, the cash value account is guaranteed* and held in the insurancecompany's general portfolio--you don't get to choose how the cash value accountis invested. However, the cash value can potentially grow beyond its guaranteedamount through the payment of dividends (profits earned by a "mutual"insurer). The cash value grows tax deferred and can either be used ascollateral to borrow from the insurance company or be directly accessed througha partial or complete surrender of the policy. It is important to note, however, that a policy loan or partial surrender will reduce the policy's deathbenefit, and a complete surrender will terminate coverage altogether. Ifyou live to the policy's maturity date, the policy will "endow, " andthe insurance company will pay the accumulated cash value (equal at maturity tothe death benefit) to you. Universal life--openness and flexibilityUniversallife is another type of permanent life insurance with a death benefit and acash value account. Like whole life insurance,[link widoczny dla zalogowanych], the cash value is held in theinsurance company's general portfolio--you don't get to choose how the accountis invested. Unlike traditional whole life, universal life insurance allows youflexibility in making premium payments. Auniversal life insurance policy will generally provide very broad premiumguidelines (i. e., minimum and maximum premium payments), but within theseguidelines you can choose how much and when you pay premiums. Reducing orincreasing premiums will impact the growth of the cash value component andpossibly the death benefit. You are also free to change the policy's deathbenefit directly (again, within the limits set out by the policy) as yourfinancial circumstances change. Be aware, however, that if you want to raisethe amount of coverage, you'll need to go through the insurability processagain, probably including a new medical exam, and your premiums will increase. Universallife policies reveal all aspects of the policy's cost structure, including thecost of insurance (the portion set aside to pay claims) and expenses. Thisinformation is not always available with other types of policies. Anotherfeature of universal life is the option to add the cash value to the faceamount when the death benefit is paid. For example, say you die when you have$200, 000 of cash value within your $1 million policy. If you chose the enhancedbenefit option, your beneficiary receives $1. 2 million. Keep in mind, however, that nothing is free--the increased benefit is reflected in premiumcalculations. Variable life--you make the investment decisionsLikeother types of permanent life insurance, variable life insurance has a cashvalue account. A variable life insurance policy, however, allows you to choosehow your cash value account is invested. A variable life policy generallycontains several investment options, known as subaccounts, that areprofessionally managed to pursue a stated investment objective. Choices canrange from a fixed interest subaccount to a highly volatile internationalgrowth subaccount. Variable life insurance policies require a fixed annualpremium for the life of the policy and may provide a minimum guaranteed deathbenefit*. If the cash value account exceeds a certain amount, the death benefitwill increase. Variable universal life--the ultimate in flexibilityVariableuniversal life combines all of the options and flexibility of universal lifewith the investment choices of a variable policy. It is a true hybrid product, and you make most of the policy decisions. You decide how often and how muchyour premium payments are to be, within guidelines. With most variableuniversal life policies, you get no guaranteed minimum cash value or deathbenefit. Your premium payments in excess of administrative costs and the costof insurance are invested in the variable subaccounts that you choose. Aswith both variable and universal life insurance, your policy may lapse if thecash value account falls below a certain level. Low-interest loans can be takenagainst your cash value account, and cash withdrawals are available. However, keep in mind that your policy's face amount is reduced by the amount of apolicy withdrawal, and withdrawals may be taxable. You have the option ofchoosing a fixed or enhanced death benefit. [link widoczny dla zalogowanych]ay, most variable universal lifepolicies offer a rider that guarantees the death benefit at a certain levelregardless of the performance of the subaccounts, provided that a statedminimum premium is paid for a predetermined number of years*. *Anyguarantees associated with payment of death benefits, income options,[link widoczny dla zalogowanych], or ratesof return are subject to the claims-paying ability of the insurer. Joint or survivorship life for you and your spouseSome married couples choose to buy insurancetogether within the same policy. These policies take the form of either a jointfirst-to-die or a joint second-to-die (survivorship) design. With first-to-die,[link widoczny dla zalogowanych], the death benefit is paid at the death of the spouse who dies first. Withsecond-to-die, no death benefit is paid until both spouses are deceased. Second-to-die policies are commonly used in estate planning to create a pool offunds to pay estate taxes and other expenses due at the death of the secondspouse. Joint and survivorship policies are generally available under any typeof permanent life insurance. Other than the fact that two people are insuredunder one policy, the policy characteristics remain the same. Written byPermanent Life Insurance | Term vs Whole Life Insurance: Beam[link widoczny dla zalogowanych].Topics related articles：

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