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Types of Life Insurance
There are two categories of life insurance, temporary and permanent. Temporary life insurance is intended to be used exclusively to protect vulnerable loved one’s financially while permanent life insurance is designed to also generate wealth.
Applying for life insurance, there are four categories of issuance; fully underwritten, simplified, deferred and guaranteed. The more stringent the issuance standard, the more questions are asked on the application which often results in better prices and more flexible coverage. Find out more about issuance standards.
Temporary Life Insurance
Coverage and rates on 10-year term life insurance are guaranteed for 10 years. Policies may be renewable or exchangeable at new rates or converted to other types of life insurance. After 10 years, if not renewed, coverage will expire.
Coverage and rates on 20-year term life insurance are guaranteed for 20 years. Policies may be renewable or exchangeable at new rates or converted to other types of life insurance. After 20 years, if not renewed, coverage will expire.
Coverage and rates on 30-year term life insurance are guaranteed for 30 years. Policies may be renewable or exchangeable at new rates or converted to other types of life insurance. After 30 years, if not renewed, coverage will expire.
Coverage and rates on term to 65 life insurance are guaranteed for until there year at which the insured turns 65. Policies may be converted to other types of life insurance. After the year at which the insured turns 65, coverage will expire if not converted to permanent life insurance.
Commonly referred to as permanent life insurance, Term to 100 is temporary life insurance because people do live past the age of 100. There is alo no cash value attributed to this type of policy.
Coverage and rates on term to 100 life insurance are guaranteed until the year at which the insured turns 100. After the year at which the insured turns 100, coverage will expire if not converted to permanent life insurance.
Permanent Life Insurance
Whole life insurance provides you coverage for the entirety of your life regardless to how old you live. Policies may contain a Cash Surrender Value (CSV) and/or produce Dividends.
A cash surrender value is a side account that may grow and can be withdrawn, used as collateral, pay for policy premiums or increase the death benefit. Some whole life insurance policies are participating and thus produce dividends.
Dividends which are non-guaranteed contributions to your cash surrender value.by the insurance company. These dividends may vary based on the performance of the insurance companies participating fund which is largely influenced by interest rates. Click here to find out more about the participating fund.
Life pay means that premiums are paid until age 100
Whole life insurance provides you coverage for the entirety of your life regardless to how old you live. Policies may contain a Cash Surrender Value (CSV) and/or produce Dividends.
A cash surrender value is a side account that may grow and can be withdrawn, used as collateral, pay for policy premiums or increase the death benefit. Some whole life insurance policies are participating and thus produce dividends.
Dividends which are non-guaranteed contributions to your cash surrender value.by the insurance company. These dividends may vary based on the performance of the insurance companies participating fund which is largely influenced by interest rates. Click here to find out more about the participating fund.
10 pay means that premiums are paid for 10 year after which dividends pay for the policy.
Whole life insurance provides you coverage for the entirety of your life regardless to how old you live. Policies may contain a Cash Surrender Value (CSV) and/or produce Dividends.
A cash surrender value is a side account that may grow and can be withdrawn, used as collateral, pay for policy premiums or increase the death benefit. Some whole life insurance policies are participating and thus produce dividends.
Dividends which are non-guaranteed contributions to your cash surrender value.by the insurance company. These dividends may vary based on the performance of the insurance companies participating fund which is largely influenced by interest rates. Click here to find out more about the participating fund.
20 pay means that premiums are paid for 20 year after which dividends pay for the policy.
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