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Term Life insurance
Term life insurance is a type of life insurance that provides coverage for a specific period, usually 10, 20, or 30 years. If the insured person passes away during the term of the policy, their beneficiaries receive a death benefit. Term life insurance typically offers lower premiums compared to other types of life insurance because it does not build cash value and coverage ends when the term expires, unless it’s renewed or converted to permanent life insurance. It’s designed to provide financial protection for a specific period, such as while paying off a mortgage or raising children.
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Final Expense insurance
Final expense life insurance, also known as burial insurance or funeral insurance, is a type of life insurance designed to cover the costs associated with a person’s funeral, burial, and related expenses. It typically offers a smaller death benefit compared to other types of life insurance and is meant to provide financial assistance to family members or beneficiaries to cover these specific costs. Final expense insurance is often easier to qualify for and may be suitable for individuals who want to ensure their end-of-life expenses are taken care of without burdening their loved ones.
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Indexed Universal life insurance
Indexed Universal Life Insurance (IUL) is a type of permanent life insurance policy that combines a death benefit with a cash value component that can potentially grow over time. Unlike traditional universal life insurance, where the cash value is tied to fixed interest rates, the cash value accumulation in an IUL policy is linked to the performance of a stock market index, such as the S&P 500. This means that policyholders have the opportunity to benefit from market gains while being protected from market losses by a guaranteed minimum interest rate. Indexed universal life insurance offers flexibility in premium payments and death benefits, allowing policyholders to adjust them based on their financial needs.
