Articles for Life Insurance Types


Skydiver Insurance

Skydiver Insurance Website – Click here for complete information about Skydiver Insurance. For recreational and professional skydivers, there are three main kinds of skydiver insurance policies. These are called the mandatory third party policy, the personal accident skydiver insurance policy and ...

Life Insurance and Estate Planning

Estate planning is defined by the Wikipedia as “the process of anticipating and arranging the disposal of an estate.”  It aims to eliminate any uncertainties about the will, and maximizes the value of the estate by reducing any taxes associated with it. When most people hear about this word, ...

Irrevocable Life Insurance Trust

An Irrevocable Life Insurance Trust or ILIT is an irrevocable trust that holds a life insurance. As the term irrevocable implies, this kind of trust can’t be changed or amended once it has been signed. The assets that you have put there will stay there and the beneficiaries or trustees cannot be ...

Endowment Life Insurance

Endowment insurance, also more commonly known as endowment life policy or endowment policy, is an insurance policy that guarantees a sum of money that the insured or their beneficiaries will get when the predetermined contract period reaches its end.  It is a contract specifically intended to pay ...

WHOLE LIFE INSURANCE: Advantages and Disadvantages

What is Whole Life Insurance? Whole Life Insurance is a kind of insurance that remains active for the duration of the insured party’s lifetime and beneficiaries are paid after the policyholder’s demise. Needless to say, it covers the policyholder’s entire life as long as premiums are paid. Premiums ...

Types of Life Insurance

Life Insurance is a security we pay for in the event of death due to critical or terminal illness.  The insured pays a premium to the company, in payments that have been agreed upon by both parties.  Life insurance falls into two major categories, which are protection policies and investment policies.  ...

Why do people buy Children’s Life insurance?

Life insurance is the purchase of life policies to ensure that the future of the dependents of the insured is secured after their death. So what is the reason for children’s life insurance?  Unless your child turns out to be the next big thing in the movie screens or the next Ludwig van Beethoven ...

Claiming a Death Benefit

Death Benefit, also known as Proceeds is the amount that is payable to his or her beneficiary by the life insurance company upon the insured’s death. A person who purchases a life insurance policy is called a policyholder or insured. He or She will then be insured against death. Upon the death of ...

Life Insurance Settlement

Life insurance settlement is the process involving the sale of an insurance policy by an elderly policyholder with only a limited life expectancy to a third party investor.  Typically, the policy will be paid for with an amount that is less than the policy’s face value but is more than the cash ...

Life Insurance and Critical Illness Cover

Critical illness cover is usually obtainable when purchasing a life insurance policy, at an added cost. First offered in South Africa in 1983, it has since gained popularity in Europe, Canada and Australia, in countries that offer nationalized healthcare. Critical illness cover is now also beginning ...

Variable Life Insurance

Variable Life Insurance is also known as Valuable Appreciable Life Insurance. This specific type of life insurance provides protection to the beneficiary upon the death of the policyholder. The Variable Life Insurance has fixed premiums but also allows you to invest in different investment funds within ...

The Great Debate: Term vs. Life Insurance

It’s always been the question of all time, whether to get term or life insurance, and if getting term insurance, should you invest the difference?  To make sure that we are on the same plane here, term life insurance is designed for a specified time period, and offers no cash value.  Known to ...

Cash Surrender Value vs. Face Value (Life Insurance)

As a consumer, life insurance for me is a complex matter. It takes a lot of focus to really understand its components. You can’t just take it as it is. There are different factors to consider before signing up for one. You have to be diligent so that you’ll get your money’s worth. In the early ...

Term Life Insurance or Whole Life Insurance: Which is the Better Choice?

Term Life Insurance, as it denotes, is “a type of insurance with no cash value and designed for specified time such as 5, 10, 15, or 20 years.”*  After the defined period of the policy, the coverage expires and the client must now choose to forego the policy, or obtain further coverage through a ...

No Exam Life Insurance: Your Basics

It’s a known fact.  You would have to go through a battery of tests before you can get yourself insured.  But, how does a ‘no exam’ life insurance work?  Is it possible to get yourself insured without having to undergo these medical examinations? What is No Exam Life Insurance? As the name denotes, ...

Who should purchase life insurance?

One of the scariest things one thinks about is his/her death. Let’s face it, nobody really ever wants to sit down and think about your own demise. Not unless standing on the edge of a cliff or playing with a set of butcher knives as a way to pass time are some of the things you fancy. Not all of us ...

Whole Life Insurance

By definition, Whole Life Insurance “is a life insurance policy that remains in force for the insured’s whole life and requires premiums to be paid every year into the policy.” In most cases, your death benefit and premium will remain the same. Whole life insurance builds cash value. This is ...

Universal Life Insurance

Universal life insurance is a type of flexible permanent life insurance that combines elements found in term life insurance and whole life insurance. Universal life offers the similar low-cost protection of term life while having a savings element, as that of whole life insurance, which is invested ...

Life Insurance for the Terminally-ill

One can never know when a life-threatening situation will come.  If are diagnosed with a terminal illness or chronic illness, or you had an accident that left you in a critical condition, you have the option to make a financial decision that can make things better for you and your loved ones. Whether ...

Converting from term to permanent policy

The debate on life insurance between term and permanent policy has been an on-going battle. “Which is better?” is the consumers’ most asked question when it comes to policy life insurance. It is important to understand what life insurance means and do we really need to purchase it? Perform a ...

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