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Looking for low cost life insurance?
These
are the Four Main Types:
Term Life Insurance
Term life insurance is probably the most basic form of life insurance. Term insurance is purchased for a specific period of time (the term). The length of the term can vary considerably. There are term policies that are effective for well over twenty years, whereas some only involve a one-year term. A regular premium is paid throughout the term. If the insured dies at any point during the term, the designated beneficiary receives the death benefit. If one survives the term, however, there is no payout and the policy simply ends.
Whole Life Insurance
The cost of premiums is guaranteed for the entire time the policy in place. As premiums are paid, the insured accumulates a cash value for the policy, with the insurer determining the interest rate applied to that cash value. One may either "cash out" their whole life policy, or maintain it so that benefits are paid to survivors upon the policyholder's death.
Universal Life Insurance
The required regular premium amount can vary as long as the policy has a cash value in excess of the policy's costs. The insured can alter the policy's future payout while the policy remains in force, making it a flexible
low cost life insurance solution for those who may have more complicated or rapidly-changing needs than can be addressed with term or whole life solutions.
Variable Universal Life Insurance
Variable Universal Life Insurance takes the flexibility of universal life coverage and adds to it by providing investment choices. The policy's cash value is not based simply on an interest rate determined by the insurer. Instead, the policy's value is based upon the performance of various investments. The insured allocates his premiums among a series of investment options.
Whichever plan you choose, you can
find a low cost life insurance plan to suit your needs.
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