| Top 20 Metropolitan Areas |
|
- New York, NY
- Los Angeles, CA
- Chicago, IL
- Houston, TX
- Phoenix, AZ
- Philadelphia, PA
- San Antonio, TX
- San Diego, CA
- San Jose, CA
- Detroit, MI
- San Francisco, CA
- Jacksonville, FL
- Indianapolis, IN
- Austin, TX
- Columbus, OH
- Fort Worth, TX
- Charlotte, NC
- Memphis, TN
- Baltimore, MD
- Boston, MA
|
|
| |
|
|
Different Types of Life Insurance Options |
| |
| Life is full of challenges and adventure around every corner, but when something tragic brings life to a halt, you should be prepared with a life insurance policy that will continue to provide for your family even after you have gone. Financial hardship, loss of college opportunities, and lowered standards of living are often the result of the death of a loved one without an adequate life insurance policy to guard against it. There are a variety of different types of policies available that come in all shapes and sizes to fit any budget and can be customized to fit the needs of your specific family. The two basic types of insurance are Term Life insurance and Permanent Life insurance.
Term Life InsuranceTerm Life insurance is typically the lowest in cost and depending on a number of factors, including age, basic health and physical condition, can be less than twenty-five dollars a month for $100K in life insurance coverage. No cash value is associated with this type of policy and the coverage period is determined in a set number of years, according to the term you select for your policy. Policies can be obtained in 10 year, 20 year, even 30 years terms, but at the end of the selected amount of time, the coverage simply ends. There are renewable Term Life policies available at a new, usually higher, premium—also based on age and overall health.
Permanent Life InsurancePermanent options are available that provide the insured with a policy that stays intact until the life of the policy has matured and is not based solely on a designated term. The three most common types of Permanent Life insurance are Whole Life, Universal Life and Limited Life or Accidental Death and Dismemberment insurance.
- Whole Life Insurance
Whole Life insurance policies are among the most common as they are written out for an indiscriminate length of time—basically until the insured person passes. This type of policy builds a cash value over time and can be borrowed against. However, the death benefit is a fixed or pre-determined amount paid out once the policy holder dies. The premiums for this type of policy are generally higher, but coverage never ends—as long as the premiums are paid—until the insured person is deceased. The premiums are fixed and usually paid at regular intervals.
- Universal Life Insurance
Universal Life is very similar to Whole Life in that it carries with it a cash value. However, unlike Whole Life, Universal Life policies are flexible and can be modified to accommodate changes or status of your life. This type of policy also has the benefit of being more of an investment option where the cash value of the policy grows as premiums are paid. A portion of each premium is set aside and placed into a savings or fixed income account with a minimum guaranteed return not to exceed 4.5% interest, making it low risk.
- Accidental Death and Dismemberment
Accidental Death and Dismemberment (AD&D) insurance is a limited life insurance policy that has restrictions and qualifying factors. These policies only cover deaths that are the result of an accident and are generally much lower in cost that a Term Life or Whole Life policy. This type of policy can also be a little tricky in that premiums must continue to be paid after the accident until death occurs for it to qualify. Deaths due to failing health, disease, age or suicide are not covered under this type of policy.
|
|
