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What is term life insurance?

Term life insurance is one of the most popular – and least expensive – ways to get the life insurance coverage you need to protect yourself and your loved ones. Term life insurance is also one of the simplest types of life insurance, and many policyholders like the straightforward nature of the product. Unlike some of the more complicated types of life insurance coverage, term life insurance provides a death benefit – and only a death benefit – to the beneficiary or beneficiaries named in the policy. There is no investment component, only a benefit payable upon the death of the policyholder.

What is whole life insurance?

There are many different kinds of life insurance on the market, but whole life insurance has remained one of the most popular. Whole life insurance is designed to last for the entire life of the policyholder, and the amount of life insurance coverage also remains level throughout the length of the policy. There are many different flavors of whole life insurance available, and the prices can vary widely from company to company. For this reason it is important to shop around and compare coverage offers carefully.

What is universal life insurance?

While many people like the simplicity and low premiums of a term life insurance policy, others are looking for something more. For many of those insurance shoppers the answer may be a universal life insurance policy. Universal life provides a flexible premium and an adjustable benefit that builds value over time. The flexible nature of the policy means that the policyholder is free to change the amount of coverage to match his or her needs, making it easy to adjust the policy as life events dictate.

What is return of premium life insurance?

While life insurance is a must have for many people, and an important purchase for many workers, it is important to compare different kinds of life insurance policies carefully. There are many different types of life insurance on the market, and each type of insurance will have its own benefits and drawbacks. One of the most intriguing forms of life insurance is the return of premium life insurance, and it is certainly worth a look. As the name implies return of premium life insurance allows policyholders to receive back all of the premiums he or she has paid on the policy. The return of premium (ROP) policy is combined with a term life policy, and when the term expires with the policyholder still alive the premiums can be retuned.

What is guaranteed Issue life insurance?

Many people who need life insurance coverage are reluctant to apply because they feel that they will not qualify for a policy. There are many reasons why a particular insurance company would turn down a prospective policyholder, but in most cases the reasons will be related to the health of the applicant. Many life insurance companies will require either proof of good health or a full medical exam, and those who have preexisting conditions are often excluded from coverage. A guaranteed life insurance policy (or guaranteed acceptance policy), on the other hand, provides a guarantee of coverage, with no medical exam required. This type of coverage can be a good choice for smokers, those with serious medical problems and others who may not be able to qualify for traditional coverage.