Types of Life Insurance

Types of Life Insurance!

There are a number of different types of life insurance that serve and perform different needs and achieve different goals.  Whether your needs are long term, short term, temporary or permanent or meant as an investment vehicle; it would be wise to seek out a trusted life insurance agent to assist you.

The first types of life insurance that we will discuss briefly and then you can find out more by clicking on the link is senior life insurance which is basically for seniors and the elderly.  It can be a small funeral expense type policy, term life or of an estate planning need where you would desire a survivorship life insurance policy.

Did you know that life insurance can also be used for business purposes?  Business owners looking to protect their business interest in case a key person dies would utilize a key man life insurance policy.  This is typically term life but can sometimes be a cash value plan with universal life, whole life or variable universal life. 

Worried about burdening your loved ones with a hefty mortgage? Homeowners and families have an option called mortgage life insurance. This is basically a term life or possibly a permanent life policy that would pay off the mortgage or loan if the primary breadwinner were to meet an untimely death.

If you are a smoker or tobacco user of any kind, you will need to look into buying a smoker life insurance policy.  Insurance companies do have great and affordable plans if you currently smoke cigarettes, chew tobacco or smoke a pipe. Keep in mind however, you will be paying almost double of what a non smoker, healthy insured individual would pay, so the sooner you can quit the more money you can save.  So check out if you need a chewing tobacco life insurance quote!

Seen insurance companies advertise affordable life insurance without getting a medical exam?! Well, you can qualify to get a life insurance no medical exam policy, but know that your premiums will be substantially higher than someone who gets a medical exam and goes through the underwriting process. The benefit in pursuing a no exam life insurance policy is that it can be very quick to get insurance coverage from $150,000 up to $250,000 in minutes right online. 

Guaranteed Life Insurance is a policy that typically is a small face amount anywhere from $5,000 to $50,000 that you will get “almost” immediately approved for.  If you are terminal you still probably are not acceptable to the company.  But if you are willing to pay for the insurance you, get this plan on what’s called a graded benefit plan.  This means the longer you live the more death benefit you can collect. 

If you own a life policy that has been in force for two years or more and no longer need the coverage for whatever reason you can sell your policy to investors.  These types of transactions are called a life insurance settlements. Do your homework and make sure you are getting the best deal and the most amount of money for your policy and remember that someone will own a policy on your own life.