Types of Life Insurance Coverage

Concept of safe happy family

As mentioned, knowing what type of coverage will help you a lot in getting cheap life insurance quotes. Furthermore, you may already have an idea that life insurance comes in many shapes and size however they can be generalized into two.

These are term life insurance and permanent life insurance.

Term Life Insurance

Usually, term life insurance is the affordable choice among all the types. It is usually designed to cover temporary life insurance needs. Therefore, the term can be shorter and it can be of 10 or 20, or 30 years. People choose this type of life insurance when they have financial needs that diminish over time, such as home mortgage and tuitions.

It works when death occurs during the term.

Permanent Life Insurance

Permanent life insurance is provides lifelong protection.  This type of protection never ends thus you are covered for the rest of your life.

Other Minor Life Insurance Types

Accidental Death Insurance – this type of coverage includes financial for your family from unforeseen accidents that may occur to you or any member of the family. It is one of the affordable insurance plans that can help anyone in difficult times.

Disability Insurance – it is one of the most important things to insure and it is the ability to work. With disability insurance, you obtain peace of mind knowing that your family’s security would still be protected even with a disability that hinders you from working.

Child Life Insurance – one of the easiest and affordable ways to establish life insurance. Consider that the child does not require having medical exam and the life insurance is guaranteed for life.

Final Expense Insurance – the final expenses include funerals, outstanding medical bills, some legal fees and many more. These subtle things are usually expensive. Insuring with final expenses will help a lot.

No Medical Exam Life Insurance – you might not be able to do medical exam for any reason valid for you; nonetheless you should at least have life insurance. No medical exam life insurance is your option and a good way to be protected.

Critical Illness Insurance – this is a good way for people with critical illness to get a lump sum benefit upon the first confirmed diagnosis.

Life Insurance Riders – also called endorsement, is an addition to a life insurance policy that usually increases or decreases the benefits payable under the contract. Life insurance riders allow more options for policyholders especially over the years.

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