8 Types of Life Insurance Policies

We’re on a mission to help you find the best life insurance provider for you. Every situation and family is unique, so you shouldn’t settle for anything less than a customized approach to your life insurance.

While there are many hybrids and different types of life insurance options, we have focused on the core policies (including term life, whole life, guaranteed universal, variable life insurance, and more). Our list breaks down eight of the most common life insurance types, as well as some recommendations on what might be the best product from among our picks for the best life insurance companies.

The different types of life insurance policies:

1. Term Life Insurance
2. Whole Life Insurance
3. Guaranteed Universal Life Insurance
4. Variable Life Insurance
5. Equity Indexed Life Insurance
6. Guaranteed Issue Life Insurance
7. Accidental Death Insurance
8. Simplified Issue Life Insurance

- and Fully Underwritten
- versus No Exam Life Insurance

Quick Snapshot: Two Main Types of Life Insurance

Before we go into nitty-gritty detail, there’s one major thing you need to know.

There are two main types of life insurance: term life insurance (term assurance) and whole life insurance (permanent life insurance):

- With term insurance, your life insurance policy covers you for a certain period of time. The life insurance policy expires after a number of years. Typically, the life insurance premiums for term insurance is less expensive than whole life insurance.

- With whole-life insurance, your life insurance doesn’t expire and covers you as long as you’re paying your premiums. A whole life insurance policy will typically be more expensive than a term insurance policy and the value may change over time.

How to Find the “Best” Life Insurance Policy

Just to be clear, there is no one “best” life insurance policy because there is no ideal one-size-fits-all life insurance. Each individual life insurance plan should be tailored to the person and the beneficiaries. A life insurance policy should be focused on using the most appropriate type of life insurance for the insured, looking at factors including coverage and life insurance premiums. That’s why TermLife2Go looks at multiple factors and insurers across the board. Continue reading or give us a call today for a free life insurance consultation.

When you’re thinking about all the different types of life insurance available, you should also consider the company you will ultimately apply with. We focus on the niche underwriting offered by each of the companies we work with.

For example, finding diabetic life insurance requires that you apply with the more diabetes-friendly companies. Failure to do so may result in higher premiums or being declined altogether.

What are your life insurance plans? Knowing what type of life insurance you need is only half the battle. The other piece of the puzzle is knowing which company offers the best value for that life insurance type.

Source: https://termlife2go.com/

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