Insurance Policies

Every one needs insurance. People buy insurance to protect their home and their car. So, why wouldn’t you have insurance to protect your family’s finances if you died? Life insurance is available to protect your family and dependents from any financial hardship due to your death. So what kinds of policies for life insurance are there? There are only four major types of life insurance (Term Life, Whole Life, Endowment and Universal Life).

Term Life Insurance
There are many different types of term life insurance policies available. Term Life policies provide protection for a specified period of time. A Term Life Insurance policy pays the Face Value, which is the actual amount you are paying for the policy to cover (such as a $100,000 policy) only within the term period of the policy. The insurance company only pays Face Value if your death occurs during the term of the policy. The Face Value is not paid after the policy lapses or expires.

Term Life is the least expensive type of insurance and is designed to be affordable for those with limited incomes. It also provides more Face Value coverage for a given dollar premium than any other type of policy. There is no cash value with Term Life policies. This type of policy provides only life insurance protection.

Whole Life Insurance
Whole Life is a permanent type of life insurance. This type of life insurance covers you for your entire life, up to approximately 100 years in age. There are also limited payment plans in which the premium is paid for a limited period of time.

Endowment Life Insurance
An Endowment covers you for a stated period of time. Endowment Life Insurance is similar to Whole Life Insurance except it matures faster. Endowments Life Insurance will build cash value faster because of a much higher premium than other Whole Life plans.

Universal Life Insurance
The Universal Life Insurance policy uses part of the premium to buy life insurance protection and part to invest in the cash value part of the policy. Your premium is paid into an accumulation fund and a maintained by the insurance company. This fund earns varying amounts of interest, depending upon the money market type of interest rates. Universal Life also has a "flexible" premium.

For more information on insurance policies

The National Ethics Bureau is an independent organization that promotes consumer confidence by providing a one-stop source to verify the business ethics of insurance and financial advisors. We are a long time member and passed the Ethics Check System, a series of comprehensive background checks for criminal, civil, and business violations. www.ethicscheck.com

Toll Free: 1-800-381-0997 | Fx: 1-866- 879-0331 | E-mail: info@ifgins.com