Life Insurance

Term Life Insurance

Term insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active - or in force - then a death benefit will be paid.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance. It's also the most common, according to the Insurance Information Institute (III). Like most permanent life insurance policies, whole life offers a savings component, called "cash value," and life-long protection — as long as premiums are paid, whole life provides a death benefit after you die.

Variable Life Insurance

Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash value account, which is invested in a number of sub-accounts available in the policy. A sub-account acts similar to a mutual fund, except it's only available within a variable life insurance policy.

Simplified Issue Life Insurance

Simplified issue" means you answer a few questions about your medical history for the life insurance application, rather than undergoing a medical exam. "Guaranteed issue" means you don't have to answer any medical questions or go through a medical exam. You qualify for coverage, regardless of your health.

Final Expense Insurance

Final expense insurance is designed to cover the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. Final expense insurance is also known as burial insurance. Unfortunately, even bare-bones funerals can cost thousands of dollars.

Permanent Life Insurance

Permanent life insurance policies offer a death benefit and cash value. The death benefit is money that's paid to your beneficiaries when you pass away. Cash value is a separate savings component that you may be able to access while you're still alive.1 Permanent life insurance lasts from the time you buy a policy to the time you pass away, as long as you pay the required premiums. 

Universal Life Insurance

Universal life insurance (often shortened to UL) is a type of cash value life insurance, sold primarily in the United States. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.

Variable Universal Life Insurance

Variable universal life (VUL) is a permanent life insurance policy with a built-in savings component. The plan allows for the investment of the cash value. Like standard universal life insurance, the premium is flexible.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is a policy that provides cash benefits to a beneficiary upon the death of the person who is insured. The insurance company will offer this policy to any applicant, regardless of his or her past or present health concerns.

Group Life Insurance

Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy-owner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group. Group life insurance is often provided as part of a complete employee benefit package. In most cases, the cost of group coverage is far less than what the employees or members would pay for a similar amount of individual protection. So if you are offered group life insurance through your employer or another group, you should usually take it, especially if you have no other life insurance or if your personal coverage is inadequate.