Save up to 70% off Life Insurance!

Male Female

Save up to 70%

off Life Insurance!

Male Female

Life Insurance Options: A Brief Overview

As you begin the important decision making process of selecting a life insurance policy, it helps to understand a few basic concepts when getting started. Having a grasp on the following types of policies when you meet with an agent will assist you in choosing the policy that’s right for you and your family.

Level Death Benefit Policies

A level death benefit policy is a policy in which the death benefit remains the same throughout the policy. Term life insurance policies are level death benefit policies where the benefit remains the same for a specified period of time, for example 10-30 years. Some term life insurance policies may implement increasing premiums the longer you maintain the coverage. The guarantee of a level death benefit policy may be ideal for those needing a significant amount of coverage for a longer period of time.

Decreasing Term Life Policies

In contrast to level death benefit policies where benefits remain the same, but with increasing premiums, decreasing term life policies have the advantage of premiums which remain the same, but with gradually decreasing benefits. For those with decreasing life insurance needs, including parents of older children and those maintaining a policy to pay off a mortgage in the event of death, decreasing term life policies present a sensible option.

Universal, Variable Universal, Whole Life

In a category of their own, whole life, universal and variable universal policies offer multiple variations of cash out and borrowing power that other types of policies do not. These types of policies come with considerably higher premiums, but offer much more flexibility and financial options.