Insurance Types
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Simply put, life insurance offers protection in the event of the death of the insured. But anyone who has tried to purchase life insurance realizes that this is not as simple as it sounds.
There are four major types of life insurance: Term Life, Whole Life, Universal Life and Guaranteed Issue.
Petro-Points Insurance Services provides a basic breakdown of these types of plans:
Term Life
Term Life is the most common type of life insurance, designed to meet specific temporary or short term needs. Term Life insurance provides protection for a limited period of time (usually 10 or 20 years) and pays benefits only if you die during the specified term. This plan is usually less expensive than a Whole Life plan, since it only covers a specific time period.
Whole Life
Whole Life is essentially the same as Term Life, but lasts for the entire life of the insured, regardless of their age. This makes the plan a bit more expensive than a Term Life plan initially, but in the long run, it can wind up costing you less.
Universal Life
Universal Life is a flexible plan designed to give you the life insurance coverage that you need. It is an increasingly popular consumer product. Compared to other products offered by the insurance industry, it generally provides greater flexibility and caters to a wider range of needs. Universal Life can include Life and Critical Illness benefits, as well as investment options, to help you build financial security that will help provide for your loved ones.
Guaranteed Issue
Guaranteed Issue Life Insurance is the simplest form of insurance. These plans are available to anyone, regardless of age and medical condition -- no one is turned down. The benefits of a Guaranteed Issue product tend to be quite limited, so this plan is not always suited for someone who can afford a better plan.
Want to protect your family? Get a quote today!
Note: this is a summary only; the formal policy wording provided to each customer is the only legally binding description of the coverage. Please see your policy wording for a full list of limitations and exclusions. Coverage is based on individual health conditions and is not guaranteed. If we are not able to provide an insurance product or service, depending on your health condition, we will provide advice, information and alternatives that may be available to you.
Petro-Points Insurance Services Life Insurance is provided through:
