When it comes to life insurance, the options you have and the customizations available to you regarding plan types, plan designs, riders and the various reasons and needs for life insurance are just as abundant as the hundreds of options and customizations available to someone buying a new car these days! It is for this very reason why it’s very important to work with someone who specializes in life insurance sales and consultations. More importantly, you want to make sure you are working with life insurance brokers, like us, who are life insurance experts and are familiar with all the many different kinds of specialty life insurance options out there and the many ways to customize a plan. Looking for a 2 million dollar life insurance policy or an HSBC term life insurance policy? We can help!
General Types of Life Insurance
Permanent Life Insurance is life insurance that can provide you coverage you for your entire life. Another benefit of permanent life insurance is that it can generate cash value allowing you to use the money to take loans or withdrawals on. Types of permanent life insurance are as follows:
Universal Life Insurance is a type of permanent life insurance that allows the policy owner to make flexible premium payments. Variants of universal life insurance are Variable Universal Life and Indexed Universal Life insurance.
Whole Life Insurance is a type of permanent life insurance that does not have flexible premium payments like universal life insurance does. Whole life insurance compared to Universal life insurance generates cash value more aggressively.
Temporary Life Insurance is life insurance that provides you coverage for a predetermined period of time, often referred to as a Term. Temporary life insurance is commonly referred to as Term Life Insurance and does not generate cash value life universal or whole life. Term life insurance most commonly can be purchased in 10, 15, 20 and 30 year term periods and is your least expensive option when it comes to purchasing life insurance.
Special Policies and Policy Riders
Many people cannot find exactly what they are looking for when they look at the standard plans. In, fact this is more common than not. As with most of life there is no one size fits all policy out there. A good example would be someone that gets rejected for all of the life insurance policies listed above because of a health condition or disability. That person can frequently get a burial insurance or no exam policy. Another example is a person that wants to add a special circumstance that will result in more coverage. These kind of special coverages can be added to a standard policy as a rider or extra provision in the life insurance policy. At Insure Now 365 we are able to work with you to get the absolute best policy for your needs. Currently we specialize in policies and riders for:
- Key Person Life Insurance
- Life insurance for Parents
- Life Insurance for Moms
- AICPA Life Insurance
- FEGLI Life Insurance
- Mortgage Life Insurance
While these are the types of riders and special policies in which we speicalize, our team is capable in all types of life insurance and life insurance riders.
So Many Options, What Now?
After reading about all the different kinds of life insurance available to you I’m sure it can sound pretty daunting. No worries though! As life insurance professionals we have made it our careers to understand all the different kinds of specialty life insurance out there. No matter what your situation is, we can design a life insurance plan around your personal situation to fit your needs and budget! Just give us a call or fill out the quote request form to get more information.