Haven’t figured out what life insurance plan works out best for you and your family, yet? Keep on reading this article and hopefully, you’ll have a better understanding of insurance policies!
This article will shed light on the top life insurance policies out there so you are able to choose and settle for one. First, you need to know what life insurance is. Simply put, it is an amount of money that goes to your loved ones when you die. It is the safest and securest way to guarantee your money reaches your beneficiaries smoothly and quickly. It also doesn’t hurt to do a bit of research to figure out which companies are at the top of their game. Plenty of sites similar to https://simplelifeinsure.com/best-guaranteed-universal-life-insurance-companies/ provide the information you need to be better informed.
Here you can find all the top life insurance plans.
Term Life Insurance
Term life insurance plan offers death benefit protection for the beneficiaries for only a specific “term” and a limited period of time, which is typically 10, 15, 20, or 30 years. The insurance policy renews itself once the period ends on an annual basis, but with an increased rate.
Whole Life Insurance
Unlike the term life insurance, the whole life insurance plan does not expire as long as you pay your premiums. Also, a whole life insurance is more expensive than term life insurance, but it guarantees fixed premiums, cash value accumulation, and life-long protection.
Guaranteed Universal Life Insurance
Guaranteed universal life insurance has a minimum cash value and ends at a specified age, may it be 90 or even 121. Thus, you should be extra careful when you are choosing the GUL policy and plan carefully because there will be nothing left after the age you specify.
Variable Life Insurance
Variable life insurance has a policy that can either gain you a fortune or take all your money! Its worth depends on the value of the dollar, so it is constantly fluctuating. Heavily relying on the market, this one is definitely not for the faint-hearted!
Equity Indexed Life Insurance
Indexed life insurance is not for everyone. It is usually criticized by policy-makers and employees run away from it. This is because its primary con is the price. You’ll pay much more at first, but by time, your policy’s cash value grows. Basically, it all depends on how much you fund it; if you pay big amounts of premiums, then you’re good to go!
Guaranteed Issue Life Insurance
Guaranteed issue life insurance is one of the simplest and fastest types of insurances. It has an age bracket from 45 – 85, guaranteed acceptance without any questions asked. Its only setback is; full death benefit will only be paid for natural causes after the policy has been in force for two or more years.
What to Choose
Basically, when it comes to life insurance plans, there is no right or wrong. There is no “best” plan that works out like a magic bullet. There is only that works out best for you and your family. The aforementioned plans are the most commonly used policies, so it’s highly recommended that you read a lot, even pay a visit to the nearest life insurance company next to you and select a policy that meets your needs and budget.