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Basic Types of Life Insurance:
Term Life Insurance
Term life insurance provides protection to the insured for a certain number of years. If the insured survives the stated time period selected at the time of purchase (ex. 10, 20, 30 years), the insurance coverage expires without any value to the insured. It is only temporary coverage. If you die while your insurance policy is still in effect and all the premiums have been paid up to the required point, your beneficiaries receive exactly the benefit amount you selected at the time of purchase.
Whole Life Insurance
Whole life insurance is also known as ordinary, standard, or permanent life insurance. Unlike term insurance, whole life insurance provides coverage for the entire lifetime of the insured. One of the positive aspects of whole life insurance is that this type of policy also provides tax-deferred buildup of cash value payable upon surrender of the policy or payment default.
Permanent Life Insurance:
Universal Life Insurance
Universal Life Insurance also commonly referred to as a “UL” policy, is a type of life insurance that offers flexible premiums, a level or increasing death benefit, and a tax-deferred investment opportunity to the insured. This type of flexible permanent life insurance offers the low-cost protection of term life insurance as well as a savings element (like whole life insurance), which is invested to provide a cash value buildup.
Variable Life Insurance
Variable Life Insurance is a form of whole life insurance that accumulates cash value on a tax-deferred basis and operates similarly to a mutual fund because the insured pays premiums that go into a separate investment account owned by the insured. The variable life insurance policy yields a death benefit to the insured: while there is a minimum guaranteed death benefit, part of the death benefit is variable and depends on the performance of the insured’s investment accounts. Variable life policies are securities and are subject to federal securities laws as well as state insurance regulation.
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Life Insurance Carriers We Represent
JB Insurance Solutions, Inc
1 Mandarin Terrace, Safety Harbor, FL 34695
727-724-9451 Phone
727-754-5325 Fax
1 Mandarin Terrace, Safety Harbor, FL 34695
727-724-9451 Phone
727-754-5325 Fax