What is Life Insurance?
This is a policy to provide financial security for one's family in the event of his/her death. There are two main types of life policies: term life and permanent (Whole Life and Universal) life insurance. A life insurance policy provides a monetary benefit when the holder of that policy dies.
Accidental Death and Dismemberment
It pays you or your beneficiaries a set amount of money if your death or dismemberment is the direct result of an accident. It may also be purchased as a rider on an existing policy or as a separate policy.
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Term Life Insurance
This insurance provides a stated benefit upon the death of the policy owner, provided that the death occurs within a specific time period. The policy does not provide any returns beyond the stated benefit. Term life insurance is purchased to protect mortgage debt, college, child-related expenses, income replacement for family and more. This is a policy with a set duration limit on the coverage period
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Universal Life Insurance
Universal life insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to shift money between the insurance and savings components of the policy. It offers the low-cost protection of term life insurance, but also the savings element of whole life insurance, which can be invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder's circumstances change. In addition, unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums.
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Whole Life Insurance
This type of life insurance provides the policyholder with a guaranteed amount to pass on to his/her beneficiaries, regardless of how long he/she lives, provided the contract is maintained. It normally offers a withdrawal clause, which allows the contract holder to cancel his/her coverage and receive a cash surrender value. It includes an investment component which accumulates a cash value that the policyholder can withdraw or borrow against. Unlike term life insurance, which covers the contract holder only until a specified age limit, a traditional whole life policy never runs out as long as premiums are paid.
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