Aside from the two well-known insurance policies out there, the Term Life Insurance and the Whole Life Insurance, there is an astonishing number of insurance that may fit your financial needs perfectly. Moreover, other insurance policies even have an investment aspect to them. This investment aspect means that money flows back to a client when they avail of the insurance policy.
You only need to know what exactly you are looking for in an insurance policy to get going. Make sure to visit the sites of insurance firms and understand what people think about them. It can look like browsing through the national family assurance reviews and knowing their status and reputation as one of the life insurance companies before contacting them.
- Universal Life Insurance
Whole or Permanent Life Insurance and Universal Life Insurance are mostly the same, minus the fact that there is more flexibility in Universal Life Insurance. Universal Life Insurance gives you flexible ways to pay your premiums. Since it also has cash value, you can change your benefits from your tips.
- Indexed Universal Life Insurance
Indexed Universal Life Insurance is a type of Universal Life Insurance that differs from its cash value. Here, you get something for your money because the firms allow you to put your money through indexes without risking any money. After all, IUL’s are very volatile. You might need permanent life insurance like a ULF or WLF, and you can have it, plus the opportunity to gain more money back to you.
- Variable Universal Life Insurance
Variable Universal Life Insurance combines the benefits of having life insurance and the advantage of using your money in the firm to get more money by participating in equities and cash value policies. But one should be wary that this type of life insurance can be risky, especially if one does not have any backup cash if ever they lose in the equity index.
- Variable Life Insurance
Variable Life Insurance is the opposite of a Universal Life Insurance. Under this life insurance policy, a client can expect to yield more money but run through a bad season and lose more. It is life insurance, plus the gambling aspect, which is what most investment insurance do. The client, however, cannot invest in any equity account. The firm endorses some that cater to Variable Life Insurance.
- Group Life Insurance
Group Life Insurance or Professional Life Insurance is an insurance primarily associated with work incentives. Usually, the employers let the person know that they have Group Life Insurance before hiring them. This type of insurance is perfect if one has to provide for himself only. Conversely, this insurance is not enough if the client has a family.
- Final Expense Insurance
Final Expense Insurance is an insurance fit for people who want to double down on the costs and only pay for their death assistance. This type of insurance is usually available in funeral services, too. But there is a particular financial incentive when you apply to an insurance firm for this instead.