Life Insurance Vs.  Term life insurance

     The main differences between term life insurance and term life insurance include:

     Policy duration – Accidental damage insurance has a lifetime policy, while term life insurance covers only a limited number of years.  After this date, your beneficiaries will no longer be entitled to funeral benefits.

     Present value: Term life insurance has no value after it expires.  Life insurance is a lifetime asset that you can access to help you meet your financial goals in retirement and beyond.

     Premium: For a given death benefit, say $100,000, the premium will be higher for life with the assurance that your beneficiaries will eventually receive the death benefit.

     Universal life insurance

     A is another form of permanent insurance that offers the cash value and benefits of whole life life insurance.  However, there is one major difference: rewards are flexible.

     With a universal policy, you can increase or decrease the amount you pay for the policy at your discretion, within the policy limits.  If you pay less, you may have to pay higher amounts in future years to keep your coverage.  This type of policy can be tailored to suit your lifestyle while still providing the same cash value appreciation as life insurance.  Having another child, changing jobs or taking out a loan to buy a business can be situations where a combination of security and flexibility is important.

     Travel expenses insurance at the end of the stay

     End-of-life expense insurance is a form of life insurance designed solely to cover end-of-life expenses such as funeral and burial expenses.  The insurance is permanent in the sense that if you continue to pay premiums but these policies do not have a cash value or investment element, the insurance will remain in effect.  Seniors often purchase life insurance without dependent children because it helps protect their loved ones who would otherwise have to pay these costs out of pocket.  While the premiums for these plans are usually modest, the death benefit is also very limited – not designed to provide years of financial support to your beneficiaries.  Younger, healthier people who want to build significant cash value or a death benefit for their family are likely to find more value in whole life, universal or term life insurance.

     Simplified expenses and guaranteed expenses insurance

     Most life insurance policies are purchased – they require a medical exam as part of the application process so the provider can assess your risk to be insured.  No medical examination is required for simplified and guaranteed exhibition insurance.  These plans are primarily aimed at applicants who are elderly or have serious medical conditions and may not be eligible for policies that require a medical examination.

     Some term policies and most terminal cost policies are simplified or guaranteed policies.  If you are applying for a simplified issuing policy, you will be required to complete a health questionnaire instead of an exam.  With a guaranteed issuance policy, you don’t need to take an exam or fill out a questionnaire.  No medical information is required for approval.  These policies often offer less coverage than other types of insurance, and premiums tend to be higher because the insurance company must assume that there is a high risk of coverage.

     Group life insurance

     This is usually done as part of your benefits package or through an affiliate.  Most group life policies are temporary, but some companies also offer permanent coverage as a voluntary benefit (paid for by the employee).

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