Types Of Life Insurance

Reader’s Question:

Please help me in choosing the right life insurance coverage for me here in Florida. The only question I have is that, what are the types of life insurance I can choose from?

Aden

Clearwater, FL

There are a number of types of life insurance policies that you can be able to purchase. These types of life insurance have different requirements, rates and a specific time period that it will last. It would be up for you to make a decision which type of life insurance you will choose based on your family’s financial needs if you are gone.

Term Life Insurance
Term life insurance is one of the most popular types of life insurance since it has lower rates than the others. Normally, term life insurance plan is paid out if the policyholder dies within a specified time period or during the term of the policy.

Interest Sensitive Life Insurance
This is a combination of two types of life insurance: whole life insurance and universal life insurance. Rather than increasing the cash amount by means of the dividends, they use the interest that’s on the life insurance policy’s cash value. With this kind of life insurance policy, the policyholder will be covered for his/her entire life.

Whole Life Insurance
This is the most typical type of life insurance policy available in the market. Unlike term life insurance which is only good for a given time period, whole life insurance will provide coverage for the entire life of the policyholder. Normally, the premiums will not increase for this type of life insurance policy.

Tags: life insurance, term life insurance, whole life insurance