{"id":3195,"date":"2020-04-22T15:03:14","date_gmt":"2020-04-22T12:03:14","guid":{"rendered":"https:\/\/chatzistefanou.gr\/types-of-life-insurance-policies\/"},"modified":"2020-04-22T15:03:14","modified_gmt":"2020-04-22T12:03:14","slug":"types-of-life-insurance-policies","status":"publish","type":"post","link":"https:\/\/chatzistefanou.gr\/en\/types-of-life-insurance-policies\/","title":{"rendered":"Types Of Life Insurance Policies"},"content":{"rendered":"<div>\n<ul>\n<li>Term life insurance<\/li>\n<\/ul>\n<\/div>\n<div>\n<ul>\n<li>Whole life insurance<\/li>\n<\/ul>\n<\/div>\n<div>\n<ul>\n<li>Universal life insurance<\/li>\n<\/ul>\n<\/div>\n<div>\n<ul>\n<li>Burial insurance\/funeral insurance<\/li>\n<\/ul>\n<\/div>\n<div>\n<ul>\n<li>Survivorship life insurance\/joint life insurance<\/li>\n<\/ul>\n<\/div>\n<div>\n<ul>\n<li>Mortgage life insurance<\/li>\n<\/ul>\n<\/div>\n<div>\n<ul>\n<li>Credit life insurance<\/li>\n<\/ul>\n<\/div>\n<div>\n<ul>\n<li>Group life insurance<\/li>\n<\/ul>\n<\/div>\n<div>\n<p>&nbsp;<\/p>\n<p><strong>Term Life Insurance<\/strong><\/p>\n<\/div>\n<div>The basics: Term life insurance has a specific end date of coverage. Choices of coverage lengths are generally 5, 10, 15, 25 or 30 years. It\u2019s the cheapest way to buy life insurance because you\u2019re buying only insurance coverage, for a finite period, and not paying for a cash value component within the policy.<\/div>\n<div>&nbsp;<\/div>\n<div>Who is it good for: Term life insurance is ideal for people who want life insurance coverage for a specific debt or situation. For example, some people buy it to cover their working years as income replacement for their family. Some people buy term life to cover the years of a mortgage or other large debt.<\/div>\n<div>&nbsp;<\/div>\n<div>Downside: You might outlive a term life policy. If you still need coverage after it expires, you could find new life insurance to be extremely pricey based on your age and any health conditions you\u2019ve developed.<\/div>\n<div>&nbsp;<\/div>\n<div><strong>Whole Life Insurance<\/strong><\/div>\n<div>&nbsp;<\/div>\n<div>The basics: Whole life insurance can provide coverage for the duration of your life. An account within the policy builds cash value over time by using part of your premium payment and adding interest. A policy will have built-in guarantees that the premium will not increase, the death benefit remains the same, and the cash value will earn a fixed rate of return.<\/div>\n<div>&nbsp;<\/div>\n<div>Who is it good for: Whole life is suited for people who want lifelong coverage and are willing to pay for the guarantees provided by the policy.<\/div>\n<div>&nbsp;<\/div>\n<div>Downside: Because of the guaranteed features, whole life insurance is one of the more expensive ways to buy life insurance.<\/div>\n<div>&nbsp;<\/div>\n<div><strong>Universal Life Insurance<\/strong><\/div>\n<div>&nbsp;<\/div>\n<div>The basics: Universal life (UL) can be hard to understand because there are a few varieties and with very different features. The common element is that universal life can provide lifelong coverage. It can be cheaper than whole life insurance because it generally doesn\u2019t offer the same guarantees.<\/div>\n<div>&nbsp;<\/div>\n<div>With some forms of universal life you can vary premium payments amounts and rejigger the death benefit amount, within certain limits. UL policies often have a cash value component.<\/div>\n<div>&nbsp;<\/div>\n<div>Who is it good for: Universal life can be good for someone looking for lifelong coverage. Some varieties of UL are suited for people who want to tie their cash value gains to market performance (indexed and variable universal life insurance).<\/div>\n<div>&nbsp;<\/div>\n<div>Downsides: If cash value is your main interest, not all UL policies guarantee you\u2019ll make gains. And if you\u2019re interested in flexible premiums payments, you have to stay on top of your policy\u2019s status to make sure that the policy\u2019s fees and charges don\u2019t deplete your cash value and cause it to lapse. Understand what\u2019s guaranteed within a UL policy and what isn\u2019t.<\/div>\n<div>&nbsp;<\/div>\n<div><strong>Burial &amp; Funeral Insurance<\/strong><\/div>\n<div>&nbsp;<\/div>\n<div>The basics: You may see this kind of policy called burial, funeral or final expense insurance. No matter the name, it\u2019s usually a small whole life insurance policy that\u2019s intended to pay only for funeral costs and other final expenses. It\u2019s often offered as a policy that you can\u2019t be turned down for and that doesn\u2019t require a medical exam.<\/div>\n<div>&nbsp;<\/div>\n<div>Who is it good for: These types of policies are generally for people in poor health who don\u2019t have other life insurance options and who need insurance for funeral expenses.<\/div>\n<div>&nbsp;<\/div>\n<div>Downsides: Burial insurance policies are expensive, based on the amount of coverage you get. They also have a safeguard for the life insurance company: Your beneficiaries won\u2019t get the full death benefit if you pass away within two or three years after buying the policy.<\/div>\n<div>&nbsp;<\/div>\n<div>Check the policy\u2019s timeline for these \u201cgraded death benefits.\u201d Your beneficiaries might receive only a refund of the premiums you paid in, plus some interest.<\/div>\n<div>&nbsp;<\/div>\n<div><strong>Survivorship Life Insurance<\/strong><\/div>\n<div>&nbsp;<\/div>\n<div>The basics: These joint life insurance policies ensure two people under one policy, such as a husband and wife. The payout to beneficiaries is made when both have passed away. You may see them called second-to-die life insurance, but for understandable reasons the industry is moving away from this name.<\/div>\n<div>&nbsp;<\/div>\n<div>Survivorship life insurance can be less expensive than buying two separate life insurance policies, especially if one of the people has health issues.<\/div>\n<div>&nbsp;<\/div>\n<div>Who is it good for: These policies are beneficial in estate planning when the life insurance money is not needed by a beneficiary until both of the insured people have passed away. Survivorship life insurance might be used to fund a trust, for example. It\u2019s also suited for high net worth couples who want to provide money to heirs for estate taxes. Or it could be used by a couple to provide a donation to charity.<\/div>\n<div>&nbsp;<\/div>\n<div>Downside: If two spouses are insured and one would suffer financially if the other passed away, this is not the right policy type. The surviving spouse does not receive any life insurance benefits. The payout is only made when both have passed away.<\/div>\n<div>&nbsp;<\/div>\n<div><strong>Mortgage Life Insurance<\/strong><\/div>\n<div>&nbsp;<\/div>\n<div>The basics: Mortgage life insurance is designed to cover only the balance of a mortgage and nothing else. This policy type is different from the life insurance types above in two major ways. First, the death benefit is paid to the mortgage lender, not a beneficiary that you choose. Second, the payout is the balance of the mortgage, or partial balance if that\u2019s what you insured.<\/div>\n<div>&nbsp;<\/div>\n<div>Who is it good for: Mortgage life insurance is intended for people who are primarily concerned about their family being burdened by the mortgage if they passed away. It can also be appealing to someone who doesn\u2019t want to take a medical exam to get life insurance.<\/div>\n<div>&nbsp;<\/div>\n<div>Downside: This type of policy won\u2019t provide financial flexibility for your family.<\/div>\n<div>&nbsp;<\/div>\n<div>If you\u2019re looking for life insurance to cover a mortgage or other debts, you\u2019re better off with term life insurance. You can choose the term length and amount, and provide more than just mortgage money to your family. Your family can use a payout for any purpose. They may decide to use the money elsewhere.<\/div>\n<div>&nbsp;<\/div>\n<div><strong>Credit Life Insurance<\/strong><\/div>\n<div>&nbsp;<\/div>\n<div>The basics: Like mortgage life insurance, this insurance covers a specific debt. When you take out a loan you might be offered credit life insurance. The payments can usually be rolled into your loan payments. The life insurance payout is the balance of the debt and it\u2019s paid to the lender, not your family.<\/div>\n<div>&nbsp;<\/div>\n<div>Who is it good for: If you\u2019re concerned about how your family would pay a certain debt if you passed away, credit life insurance might look appealing and convenient. It can also be attractive because there\u2019s no medical exam required to qualify.<\/div>\n<div>&nbsp;<\/div>\n<div>Downside: Credit life insurance is very narrow and doesn\u2019t allow financial flexibility in the future. You\u2019re probably better off with term life insurance, which you can use to cover many concerns, from debt to income replacement to funeral expenses. A broader policy like term life will give your family more financial options if you pass away.<\/div>\n<div>&nbsp;<\/div>\n<div><strong>Supplemental Life Insurance<\/strong><\/div>\n<div>&nbsp;<\/div>\n<div>The basics: The life insurance you may have through work is supplemental life insurance, also known as group life insurance. It sets rates based on the group, not the individual.<\/div>\n<div>&nbsp;<\/div>\n<div>Who is it good for: Because usually it\u2019s free or inexpensive, group life insurance is a good value. It\u2019s good as supplementary coverage to your own individual life insurance policy.<\/div>\n<div>&nbsp;<\/div>\n<div>Downside: If you lose the job you generally lose the life insurance, too. That\u2019s why it\u2019s best to have your own life insurance that\u2019s not tied to the workplace. Plus, on your own you can buy higher amounts of insurance.<\/div>\n<div>&nbsp;<\/div>\n<div>&nbsp;<\/div>\n<div><a href=\"https:\/\/www.forbes.com\/advisor\/life-insurance\/types\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.forbes.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<div>When you start looking for life insurance, you\u2019ll face two main decisions right away: What type of life insurance is best for me? And how much life insurance do I need?<\/div>\n<div>&nbsp;<\/div>\n<div>As you get life insurance options and quotes, you\u2019ll likely navigate toward a type and coverage amount that\u2019s in line with how much you want to pay.<\/div>\n<div>&nbsp;<\/div>\n<div>To get you started on your search, here\u2019s an overview of types of life insurance and the main points to know for each.<\/div>\n<div>&nbsp;<\/div>\n","protected":false},"author":2,"featured_media":3196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.4 (Yoast SEO v16.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Types Of Life Insurance Policies - Kyriakos Chatzistefanou<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chatzistefanou.gr\/en\/types-of-life-insurance-policies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Types Of Life Insurance Policies - Kyriakos Chatzistefanou\" \/>\n<meta property=\"og:description\" content=\"When you start looking for life insurance, you\u2019ll face two main decisions right away: What type of life insurance is best for me? 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