Types of Life Insurance

There are many types of Life Insurance too numerous to list here, but most of them fall under two basic kinds of Life Insurance: Temporary and Permanent

Temporary life insurance is commonly known as "Term" insurance because just as the name implies it provides a death benefit for a specified number of years, such as ten, twenty, or even thirty years. (Or other number of years specified.)

Permanent life insurance however can provide lifelong protection (or to a specific age) as long as the necessary premiums are paid. In addition to providing a death benefit, permanent life insurance accumulates cash value, and you have the ability to access cash that has accumulated, in the form of loans and withdraws after a certain period of time. Permanent life insurance has many different types that fall under this category. Typical examples include Whole Life, Universal Life, Variable Universal, and Index Universal Life. Other variations include Guaranteed Issue Graded Benefit Life in which applicants are *Guaranteed to be issued a policy if they are between the ages of 40 and 80. (Policy issue ages may vary depending on the actual individual insurance company's requirements.) Meaning no medical questions, examinations, or tests to be approved and applicants can't be turned down due to their medical history. Contact me for more details.

*Note: An individual that is a patient or resident in any form of health care or nursing home facility is not eligible for this type coverage. Other factors that make an individual not eligible could be: If an individual is not of sound mind, or an individual is incarcerated, on parole, or on probation.

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Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

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