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Types of Permanent Life Insurance The various types of permanent life insurance are as follows: Whole LifeAs the name implies this insurance policy is taken for the life term of an individual. This policy helps the insured to make a substantial investment. However the returns from a whole life insurance policy are not that high. But companies adopt a different strategy for these policies nowadays. The money invested by the insured earns a higher interest than commercial banks. Moreover the insured is eligible too earn tax exemptions. Another advantage of this policy is that the insured continues to be a beneficiary till the end of his life once he successfully completes paying premiums. The insured continues to be a policyholder without paying premiums thereafter.Universal LifeThe insured is required to pay a limited sum of money for a fixed period. The amount of premium you pay is constant, like that of a term life insurance policy. Similarly the benefits reaped resemble a 'whole life insurance' policy.Variable Life InsuranceThe insurance company invests your premiums in multiple options. These policies are said to be risky as the returns are based on the performance of your stock in the market. These Policies yield great returns when the stock performs exceedingly well.Variable Universal Life Insurance
Premium Life InsuranceThis policy enables you to obtain insurance on payment of premium at one stroke. However the amount is quiet expensive and also decided on the basis of your age. This policy is highly recommended for people intending to invest in insurance for the purpose of wealth creation. This policy does not involve any risks because the payments are made at a stretch and the likelihood of not paying the future premiums does not arise.Survivorship Life InsuranceThis policy enables one or more persons to insure their life. The Premiums for this type of policy is less as involves a minimum of two persons. These premiums are not payable if one person dies. On the contrary the policy remains in force even after one insured dies. The second person must continue to pay the premium and it becomes payable only after his death.Other types of term insurance policy insurance are classified on the basis of time whether short term life or long term life insurance. Group insurance is another scheme offered by employers to employees whereby the premiums are deducted from the monthly salaries of the employees and paid to the insurance company. In group insurance you have the facility of converting your policy to another which is not available with other insurance policies. So as an insurer you are given the freedom to choose the policy as per your choice. Related ArticlesIs term life insurance policy your pick of the bunch?Can I supplement my life insurance policy? Is availing credits possible in life insurance policy? Am I endowed with monetary benefits during my lifetime? Does a group life insurance policy your choice? Can I expect return on investment beyond protection? Group Term Life Insurance - Do the Conditions Satisfy You? Variable Universal Life Insurance - Flexibility at its Best? Has Return of Premium Life Insurance (ROP) Come to Stay? Joint Life Insurance - No Extra Benefits for You Here Act Smart! Get AD&D Insurance Policy! Is the seller of life settlement sure to die? Viatical Settlements
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