Types of Whole Life and Term Life Policies
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| Types of Whole Life (Permanent) Policies | show 🗑
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| Ordinary Whole Life/ Straight Life | show 🗑
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| show | A limited pay permanent policy; premiums are paid by policy owner for 20 years or until death, whichever occurs first
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| Life Paid Up at 65 | show 🗑
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| Single Premium Whole Life | show 🗑
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| Universal Whole Life | show 🗑
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| show | Beneficiary only receives the face amount upon the death of the insured
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| show | Beneficiary receives both the cash values and the face amount upon the death of the insured; policy owner pays higher premiums - target premiums
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| show | A permanent policy with an investment based product where the cash values (portion of fixed premiums) are held in a separate account, and the policy owner bears the investment risk. Life and Securities licenses required
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| Variable Universal Life | show 🗑
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| Interest Sensitive Whole Life | show 🗑
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| show | A permanent policy where the cash value growth is tied to an index such as the Standards & Poor 500; Guaranteed minimum interest rate to protect against downside market risk and death benefit. Life license required.
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| show | A temporary policy; the premium and face amount remains level for the length of the term
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| Decreasing Term | show 🗑
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| show | A temporary policy. A type of increasing term that pays an additional death benefit equal to the amount of the premiums paid to the beneficiary if the insured died within a specified period of time
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| show | A temporary policy. The purest form of term insurance; level term policy that renews annually without proof of insurability up to a specified age. Premium is based on attained age and increases annually
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| show | Allows the policy owner to renew coverage without evidence of insurability; renewed premiums are based on the insured’s attained age
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| Convertible Provision | show 🗑
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| show | Temporary coverage/insurance with no cash values that expires after a specified period; death benefit is only paid if the insured dies within the term
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| Annuity | show 🗑
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| show | The pay in period to the annuity; Single Premium – one payment
and Flexible Premium – level or flexible payments
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| show | The pay out period of an annuity; Immediate: payments begin within 12 months or less, Deferred: payments begin after 12 months
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| Fixed Annuity | show 🗑
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| show | An investment option of an annuity. Premiums are invested in a separate account. The benefit payment varies in value depending upon the underlying investment account; a hedge against inflations. Life and Securities licenses required
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| Equity Indexed Annuity | show 🗑
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| Joint Whole Life | show 🗑
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| Survivorship Whole Life | show 🗑
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