1. Term Life Insurance
- Level Term: Fixed premium and coverage amount for a set period (e.g., 10, 20, or 30 years).
- Increasing Term: Coverage amount increases over time to account for inflation or increased needs.
- Decreasing Term: Coverage amount decreases over time, often used to cover mortgage balances.
2. Whole Life Insurance
- Traditional Whole Life: Offers lifelong coverage with fixed premiums, a guaranteed death benefit, and cash value accumulation.
- Modified Whole Life: Lower premiums for an initial period, then higher for the rest of the policy.
- Single-Premium Whole Life: A single lump-sum premium, guaranteeing coverage for life.
3. Universal Life Insurance (UL)
- Guaranteed Universal Life (GUL): Lower-cost with a guaranteed death benefit but limited cash value growth.
- Indexed Universal Life (IUL): Cash value tied to a market index like the S&P 500, with potential for higher returns.
- Variable Universal Life (VUL): Allows investment in a range of separate accounts (e.g., stock or bond portfolios), with both risks and growth potential.
- Equity-Indexed Universal Life (EIUL): Offers cash value based on an equity index performance, with some limits on gains and losses.
4. Variable Life Insurance
- Similar to VUL but with fixed premiums and more direct investment control by policyholders in market-based accounts.
- Coverage for end-of-life costs like funeral expenses; usually a type of whole life policy with a smaller death benefit.
6. Simplified Issue Life Insurance
- No medical exam required, but a few health questions are asked. Often used for easier, faster approval.
7. Guaranteed Issue Life Insurance
- No medical exam or health questions, offering small death benefits for those unable to qualify otherwise.
- Provides coverage specifically for accidental death or certain injuries (e.g., loss of limb).
9. Group Life Insurance
- Offered by employers or organizations, often with basic coverage and the option to purchase additional coverage.
Compare Life Insurance Products has variations and can be customized to meet different needs, financial goals, and risk tolerance.
