Some Common Types of Life Insurance Products

Like others, perhaps you are aware of the importance of a life insurance plan which provides stability and protection in one's life. A insurance plan can act as pillar that provides a strong foundation to your financial status along with the comfort and stability to your family. In simple wordings, the main purpose of life insurance is to support your loved ones with financial help after you die. For this, you need to pay regular premiums to your insurer throughout your life. Some life insurance plans or policies provide financial protection for a short period, whereas others may accumulate cash value which would be used in the later parts of your life as supplemental retirement income, funding for children's education or marriage and emergency cases.

Term Insurance

As compared to the permanent insurance, term life insurance provides coverage for a specific period of time and that too at a lower cost. The best part is that many term insurance products let an individual to convert a policy to a permanent policy. Whole life insurance is a good example for this. Since, cost of insuring may increase over time, therefore it is wise to know about our short as well as long term needs for financial support.

Permanent Insurance

As the name suggests permanent insurance offers you with a permanent financial protection which remains active for your entire lifetime, as long as your policy exists. Since permanent life insurance offers much flexibility, you can have a wide range of policies to choose from:

Whole Life Insurance: Whole life insurance includes many benefits such as fixed premiums, assured death benefit and cash value growth. That implies your premiums are never going to increase as long as they are paid. Also, the added advantage is the 'living benefits', according to which you can borrow against the cash value of your policy for any emergency while you are alive.

Universal Insurance: Universal life insurance offers death benefit along with the flexibility to make your choice as per your financial requirements. It also provides many value added options such as coverage cash value that could be increased or decreased along with the premiums that depend on your finance.

Variable Universal Insurance: Variable universal life insurance can be considered as an investment component according to which your net premiums and accounts values can be allocated among divisions of separate account and assured. principal account. You can even direct a part of your net premium amounts to any of the available investment options by separate account as per the specific variable universal life product.

The above mentioned are some common life insurance policies as there could be many more. Apart from selecting an appropriate life insurance product, what matter is the insurance agent. In fact, only a good agent like Scott Storick can give the best insight on the insurance policies.

So, consider not only the insurance product, but also the insurance agent, so that you and your loved ones can have a secure future.

Being one the leading qualifier and registered representatives of John Hancock Financial Network located in Boca Raton, Florida, Scott Storick always provide outstanding client service and professionalism.