Kinds of Life Insurance in Georgia
Which kind of life insurance is the best for me?
Life Insurance is a contract in which an insurance company promises to pay a death benefit in the event the person insured under the policy dies. Protects against economic loss in the event of death.
There are two major types of life insurance, Term and Whole Life. Term insurance generally does not accumulate cash value and is issued to just cover the life of the insured for a specified period of time. Whole Life Insurance does accumulate cash value and is issued to cover the insured throughout their lifetime. Other variations of these products include: Decreasing Term (Mortgage Insurance), Universal Life (Flexible Premium Adjustable Life), Variable Life, Endowment, Graded Life, and Single Premium Paid-Up.
Each type of life policy has advantages and disadvantages. Only you with the advice of a certified financial advisor can decide what form of coverage is best for you.
The face value decreases usually monthly or annually until the policy expires while the premium remains level. Decreasing term policies are used for mortgage insurance and other credit installment transactions.
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Like an annual renewable term policy, the insured can renew the coverage without evidence of insurability and the premium remains level for the period specified, i.e. 5 year, 10 year, etc. At the end of the specified period the premium is adjusted to reflect the insured's attained age.