Characteristics of Single Premium Life Insurance – What are the Characteristics of Single Premium Life Insurance? What are some of the characteristics of single premium life insurance? The name of the insurance gives the most significant characteristic. The policyholder pays a single lump sum at the beginning of the policy. That is the total amount due on the entire policy. That money goes into investments that accumulate value...more
Characteristics of Survivorship Life Insurance – What are the Characteristics of Survivorship Life Insurance? What are the characteristics of survivorship life insurance? This type of insurance covers more than one person. The policy pays out when the last person dies. This is a common policy offered to married couples. One characteristic of these policies is that offer affordable life insurance if one partner is in better health...more
Characteristics of Term Life Insurance – What are the Characteristics of Term Life Insurance? What are the characteristics of term life insurance? Term life insurance pays a specific amount of money to beneficiaries if the named insured person dies within the term of the policy. That is the basic definition of a term life policy. The policyholder pays premiums for the entire length of the term in order to maintain insurance coverage. Some of the main characteristics of these policies are low premiums, no cash value, and it is for a fixed length of time, unlike whole life policies. Let's look at these characteristics in depth. When compared to whole life policies, one of the most significant characteristics is the low premiums associated with it. Whole life policies often carry higher premiums when compared to similar coverage in a term policy. Because there is a fixed period the insurance covers, the risk to the insurance company is lower than with a whole life policy. They pass that lowered risk along to the consumer in the form of lower premiums. Another reason for the lower premiums is the fact there is no accumulated cash value to the policy. The insurance...more
Characteristics of Universal Life Insurance – Understanding the Characteristics of Universal Life Insurance Understanding the characteristics of universal life insurance will allow you to make a wise choice when it comes to life insurance selection. One of the first characteristics you need to understand is the cash surrender...more
Characteristics of Variable Life Insurance Products – Several Characteristics of Variable Life Insurance Products It is important to understand the characteristics of variable life insurance products before investing. Each of these products offers a saving feature to their policyholders. Aside from insurance company fees, the...more
Characteristics of Whole Life Insurance – What are the Characteristics of Whole Life Insurance? What are the characteristics of whole life insurance? First, you need to understand what whole life insurance is. This type of insurance provides coverage for the named individual from the time someone opens the policy until the insured person's death. The premiums paid on the policy help to build the policy's value. Some policies have a maturity date when the policy can pay out if the insured person has not passed away at that time. The date is often the 100th birthday of the insured person. The premium stays the same throughout the life of the policy until redemption. One characteristic of this kind of life insurance is its cash value. Part of each premium goes towards building the cash value of the policy. The policy pays upon the death or 100th birthday of the insured party at that value. Most whole life insurance policies offer the option to take out loans against that cash value. This is a great feature for those who hit financial straits and need a bit of help. You can repay the loans at a fair interest rate. That will restore the cash value of the policy....more
Combinations of Permanent and Term Life Insurance – The Benefits of Using Combinations of Permanent and Term Life Insurance Some people may find that combinations of permanent and term life insurance are the best for their particular...more
Evaluating Life Insurance Needs – Taking the Confusion out of Evaluating Life Insurance Needs Evaluating life insurance needs can be a bit confusing for many people. But doing a few simple things you can do to find a figure that will...more
Primary Purposes of Life Insurance – What are the Primary Purposes of Life Insurance? What are the primary purposes of life insurance? The primary reason most people purchase life insurance is to provide financial protection to their...more
Single Premium Life Insurance – Answering Some Common Questions about Single Premium Life Insurance What is single premium life insurance? This form of life insurance requires a single large upfront payment. That single lump payment...more
Types of Survivorship Life Insurance – Reviewing Two Types of Survivorship Life Insurance There are two common types of survivorship life insurance. The first type is whole life and the second is universal life. Both types of life...more
Types of Term Life Insurance – Looking at the Different Types of Term Life Insurance Many people are surprised at the fact there are multiple types of term life insurance. You need to understand these differences to make sure you get...more