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These days, life insurance is more a category of products than a single one. The many kinds of life insurance products available give consumers the ability to tailor a plan to their needs and situation. Whatever your story, there is a package of products and benefits that will suit you best. Here are a couple of examples:

  • Dave and Nancy are expecting their first child. They have decided that Nancy will take a leave from work until the child is older. Dave and Nancy are looking for an inexpensive way to be sure money is available if anything happens to either parent. This family may choose to buy term life insurance on both parents, and a whole life policy for Dave to channel savings.
  • Larry is a 64-year-old construction worker who gets up every day to go the job site. He is ready to take it a little easier and wants to start his own handyman business. His house is paid for and his children are all doing well. Larry may choose a small term life policy to cover the costs of settling his affairs should he pass away. He also might add a whole life policy to build a legacy for his children or grandchildren.
  • Jenna is a 24-year-old jewelry designer. She recently opened a retail jewelry shop with her business partner. Money is tight, but the business seems to be gaining momentum. Jenna may want a basic term policy that would help pay the costs to keep her shop running if she died or contracted some critical illness.

LIFE INSURANCE CATEGORIES

Technically term life insurance, critical illness plans pay all or a specified percentage of the benefit amount purchased—say, a $200,000 term benefit. If the insured person is diagnosed with a critical illness– such as cancer, heart attack, stroke—the policy pays the benefit amount.

This is a variation on whole life in that the insured person is able to be involved in decisions about how to invest the premium dollars.

The insurance is purchased in a specific amount—say $150,000. Upon the death of the insured person, the insurance pays the specific amount whether you have made one premium payment or 20 payments.

Insurance is purchased at a specific amount, but premiums are invested in order to build cash value in the policy. The benefit is paid at the death of the insured person, or the insured person can withdraw the money to use as needed.

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