When many people think of life insurance policies, they typically don’t think of all the types of life insurance, they only think term. Term life insurance policies in Salem OH are the simplest, most popular, and the most often purchased, but in the
life insurance menu of options, it’s not the only choice.
10 Different Types of Life Insurance Policies in Salem OH
Today, there is a wide variety of life insurance available, the most basic of which are term and permanent. Within each of these categories, however, there are many different types to choose from, and being familiar with these can help.
Term Life Insurance Policies: The most basic type of life insurance, term life offers pure death benefit protection only, without any cash value builds-up within the policy. It is often very affordable, especially for those applicants who are younger and in good health at the time of application.
Increasing and Decreasing Term Life Insurance Coverage: On some types of term life insurance, the death benefit will decrease over time while the premium remains the same. These are known as decreasing term life insurance policies – the
policy ends when the death benefit reaches zero.
Permanent Life Insurance Coverage: This insurance offers both death benefit protection and a cash value component. As the name suggests, it does not have a time limit like term insurance, but rather is intended to last for the remainder of the
Universal Life Insurance Coverage: This type of life insurance also provides a death benefit and a cash value component where the funds are allowed to grow tax-deferred. It is more flexible than whole life coverage because the policyholder is allowed to choose how much of his or her premium dollars will go towards the policy’s death benefit, and how much will go towards the policy’s cash value.
Variable Life Insurance Coverage: This insurance is also a form of permanent life insurance coverage. These types of life insurance policies in Salem OH offer a death benefit, as well as a cash component and the policyholder can take part in a
variety of different investment options such as equities.
Variable Universal Life Insurance Coverage: This life insurance is similar to regular universal life insurance coverage, except in this case, the policyholder is allowed to invest the cash in their policy into different types of investments.
Survivorship Life Insurance Coverage: With this life insurance policy, there is more than one person that is covered. These policies can be set up in a couple of different ways. One way is first to die – the coverage is designed to pay out when the first person passes away. There are also joint and survivor, or last to die life insurance policies – this coverage pays out when the second person on the coverage passes away.
Final Expense Life Insurance Coverage: These life insurance policies in Salem OH are often called burial insurance and are purchased by those who are between the ages of 50 and 85. This type of coverage is typically geared towards those who
want to ensure that their loved ones will not be saddled with the high cost of a funeral and other related expenses.
No Medical Exam Life Insurance Coverage: As its name implies, this coverage will not require that an applicant undergo a medical examination as a part of the underwriting process.
In the past, there were only a few types of life insurance policies in Salem OH to choose from. However, as time has passed, many insurers have added to their product options, allowing individuals and families to find coverage that is best for
them and their budgets.
With all of the many types of life insurance and carriers to choose from today, it can help to have an ally on your side who can help you choose the coverage that will fit your needs the best. So, contact us today – we’re here to help.