Scribd
Upload
376 views1 page

Life Insurance Options and Benefits

Whole life, universal life, and variable life are types of permanent life insurance that provide coverage for the insured's entire life in exchange for fixed premium payments. Term life provides temporary coverage for a limited term and has lower premiums but no cash value component. When considering life insurance, factors to include are how long coverage is needed, existing debt levels, and the insured's age and life expectancy. The application process involves getting quotes, speaking with an agent, completing paperwork, and potentially a medical exam.

Uploaded by

Michelle Stubbs
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
376 views1 page

Life Insurance Options and Benefits

Whole life, universal life, and variable life are types of permanent life insurance that provide coverage for the insured's entire life in exchange for fixed premium payments. Term life provides temporary coverage for a limited term and has lower premiums but no cash value component. When considering life insurance, factors to include are how long coverage is needed, existing debt levels, and the insured's age and life expectancy. The application process involves getting quotes, speaking with an agent, completing paperwork, and potentially a medical exam.

Uploaded by

Michelle Stubbs
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
  • Life Insurance Overview: Provides an overview of life insurance types and guidelines, including reasons to buy and how it functions.

Reasons to Life Insurance Whole Life

Insurance: Pay the

buy
premiums for a
certain number of
years in exchange for
1. To pay for the expenses a predetermined
of someone passing death benefit. Zero
risk for the insured
2. To provide dependents and not much
with and emergency worrying about the
policy
fund in case of death
3. To provide sufficient Universal Life: type
funds for the surviving of permanent
insuance creaed to
parent/spouse take advantage of
high interest rates
Factors to and yield higher

include earnings on the cash


value. More flexible
1. How long you need than the other
policies, as you can
coverage increase and decrease
2. How much debt you you coverage at will
have (if any)
Variable Life: both a
3. How old you and life insurance and a
what is your life security, meaning it is
an investment similar
expectancy to shares of stock,
bonds, and money
market accounts.

Cash Value: would not receive money P


if you passed, you would only if you
give up the policy R
Death Benefit: sum of money your O
beneficiary receives after your death
T
Beneficiary: the person or legal enity E
that receives the death benefit
C
T

Term Life Insurance : a life Permanent Life Insurance : covers


insurance policy limited to a specific you for your life time or until a
length of time, ot term, Therefore if specified age such as 100, whichever
you die during the term, the death comes first. If you live to the specified
benefits are paid to your beneficiaries. age, the insurer will pay you your own
death benefit.

How to Apply?: 1. Get a quote 2. Speak with an agent 3. Complete an application 4. Take a medical exam

You might also like