Term Life Insurance – this policy provides coverage throughout a predetermined period or term. Since it is temporary coverage, pricing can be calculated as annual yearly mortality cost, 5, 10, 15, or 20 year mortality cost or any other period that would cover the expected period of the policy’s existence.
Universal Life Insurance – this policy couples the term insurance mortality pricing with the tax sheltered growth on excess premiums that is part of whole life insurance. Depending on issuer, there can be guaranteed investments and/or variable return investments to choose from.
Critical Illness Insurance – this kind of insurance provides a lump sum cash benefit if you’re diagnosed with one of the covered conditions outlined in the policy and satisfy the waiting period. The moneys received can help defray the unexpected costs of a covered sickness or injury.
Disability Income Insurance – This kind of insurance helps to provide for your lifestyle expenses in your budget by paying out the monthly amount you purchase if you qualify as disabled under the terms of the contract (i.e. Covered sickness or injury). This coverage can reduce the financial shock of a long term disability. Some insurers allow coverage to age 65 and beyond.
