Trying to wade through the different types of life insurance can be time consuming and confusing. With multiple types of life insurance and modifications to each of those types you can easily tie your brain in knots trying to keep them all straight.
Instead of trying to explain each and every modification of life insurance we put together a listing of the types of life insurance. Each listing will have a short description with a link to a more detailed article. As we write more articles we will add them to our list. This will allow us to give you the latest information on the types of life insurance available on the market. If you have any questions along the way feel free to contact us using our contact page that you can find at the top of this page.
Baby Life Insurance – The loss of a child is one of the hardest things for any parent to even fathom. We cover some of the reasons to have baby life insurance HERE.
Final Expense Insurance - Of all the types of life insurance this one may be the most specialized. Final expense insurance was created for people who don’t have many major debts, or don’t want to pay the expensive premiums of a traditional life insurance plan. Final expense plans are much smaller life insurance policies, normally around $20,000. These policies are excellent for older applicants that don’t have a mortgage or anyone that relies on their paycheck.
Five Year Term Life Insurance – One of the major differences in the types of life insurance is the amount of time that your premium stays the same. Five-year term insurance plans are not the most popular form of insurance coverage, but it can be an excellent option for some applicants. These plans are great for anyone that is nearing retirement, but still needs insurance coverage for a couple of more years. Because they are a much shorter term, they are going to be more affordable 20-year plan.
High Risk Life Insurance - Many people do not qualify for the best rates. Before the insurance company approves your application for coverage, they are going to determine how much of a risk you are to accept. The more risk that you are, the more that they are going to charge you every month, but if you’re too much of a risk you could pay a fortune for coverage or even be declined for life insurance. Luckily, there are dozens of insurance companies that specialize in working with high-risk applicants, which means that it can help save thousands of dollars on your insurance coverage. These companies have much more experience in working with various kinds of pre-existing conditions.There are many different things that could cause you to be categorized as a “high-risk” applicant. Some of the most common high-risk applicants are people with diabetes. Any pre-existing conditions or health complications are going to put you in that category
Life Insurance over 50 - As we age life insurance can become more and more expensive. One of the biggest factors that the insurance company is going to look at when you’re applying for coverage is your age. The older that you are, the more that you’re going to pay for the life insurance coverage. Just because you’re over the age of 50 looking for life insurance coverage doesn’t mean that you have to have a plan that breaks your bank every month.
Joint Life Insurance - A unique type of policy usually geared toward small business partners. Learn more about joint life insurance HERE.
Key Man Life Insurance - A specific type of term life insurance for small businesses. If something tragic were to happen to you and your business and you didn’t have key man life insurance coverage, your company could struggle to replace you. Key man life insurance is a simple way to protect your business, regardless of what happen to you.
Life Insurance for Elderly Individuals - Finding life insurance for the elderly comes with its own challenges. Understand why you may need life insurance for elderly HERE.
Life Insurance for Smokers – Smoking is a major health hazard and, as a result, causes your life insurance rates to go up. This does not mean you necessarily have to pay sky high prices. It is possible to find info on affordable life insurance for smokers and get a run down on term life insurance for smokers to help you see your options. If you’re a smoker, you can expect to pay much higher premiums for your plan. If you’re a smoker, it’s vital that you find a company that’s going to offer you better rates, regardless of your tobacco usage.
Low Cost Term Life Insurance – Term life insurance is one of the easiest types of life insurance to understand. For the face value low cost term life insurance also tends to be the most affordable.
Mortgage Life Insurance - Of the types of life insurance this one is specifically designed to help with a mortgage. Get more information about mortgage life insurance HERE.
Quick Term Life Insurance - Getting your life insurance approved can be a major task. Learn how to speed up the process by getting quick term life insurance.
Return of Premium Life Insurance – When you get to the end of your term you can get all of the premium back if you are willing to pay for that feature. Get all the information you need about return of premium life insurance HERE.
Second to Die Life Insurance - This is another special type of term life insurance. Second to die is a unique type of life insurance coverage that will only pay out for the plan once the second person listed on the pay passes away. Unlike a traditional policy that will pay out for whichever party is listed on the coverage details. With second to die life insurance, most applicants are planning to use these policies as estate planning. It’s a great way to help ensure that your children are left with the final gifts that they will need, one of the biggest advantages to second to die life insurance is that it tends to be much more affordable than other options.
Twenty Year Term Life Insurance - One of the two most common terms for term life insurance. Get more information about 20 year term life insurance HERE.
With any of the types of life insurance you will need to get a set of quotes to know exactly what your costs will be for the premiums. You can get a free set of quotes by filling out the form on the side or bottom of this page. If you would like to learn more about how to read those quotes you can check out our article on understanding term life insurance quotes.
Life insurance is one of the most important investments that you’ll ever make for your loved ones. We know that shopping for life insurance is not the most fun purchase that you’ll ever make. It can be difficult to compare the dozens of different kinds of plans, but it’s vital that you make the best decision for your family.
When you’re looking to get life insurance coverage, there are several ways that you can get lower premiums. Making a few simple changes can help you save hundreds of dollars on your insurance plan, regardless of which type that you choose.
The first thing that you should do is improve your overall health. Before the insurance company approves your application, they are going to require that you undergo a medical exam (depending on the type of plan), the results of the exam are going to impact how much you pay for your plan. Starting a healthy diet and getting regular exercise is a great way to help get better results and lower your insurance premiums. Both of these are going to help you shed those extra pounds, lower your cholesterol, and lower the chances of being diagnosed with health complications. If you are not capable of passing the health underwriting, do not worry, there are other plans out there that can be looked into, such as the no physical exam policy that will allow you to still obtain the life insurance coverage that you deserve.
I hope this growing list is a useful tool to you and that if you are looking to get help with filling your life insurance needs that you will allow our team at termlife360.com to assist you. It would be our honor and pleasure to serve you however we can.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance coverage that your family or business needs. Contact us today and we would be happy to answer those questions and ensure that you’re getting the best plan to meet your needs.