What types of life insurance are available ? Page 2

Convertible term insurance

Provides the option to convert parts of the sum assured to whole of life, endowment or further

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term assurance without further medical evidence.

Decreasing term insurance

Is where the sum assured decreases over time; hence, the premiums are set lower. This is commonly used to cover a mortgage.

Whole Life Insurance

Life insurance that remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings element (called the cash value) as a result of the level premium approach to funding the death benefit.

Burial Insurance

Burial Insurance, or Final Expense Life Insurance, is essentially a whole life product with small face values. The application process is simple and does not have the associated medical requirements of other policy types. This type of life insurance is also referred to as a simplified issue or guaranteed issue policy.

Survivorship Life Insurance

A type of whole life insurance which insures two people and pays benefits only after the second person dies. It is generally designed to provide funds to pay estate taxes.

Universal Life Insurance

An unbundled whole life insurance product in which the mortality, investment, and expense factors used to calculate premium rates and cash values are expressed separately in ( personal loans ) the policy. In a universal life insurance policy, any applicable expense charges are deducted from the premium and the remainder of the premium is then credited to the policy's cash value. Each month the insurer deducts the mortality costs from the cash value and credits the remainder of the cash value with interest.

Variable Life Insurance

A form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the investment performance of a separate account ( cheap loans ) fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum. A minimum cash value is seldom guaranteed.