Insurance Type Explanation

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Burial Insurance (Final Expense):

Coverage amounts: $2,000 to $35,000

No Exam Required

Mainly for ages 50-85 who just want to cover a burial. Ideal for those that have a health condition or two that disqualifies them from whole life.

Term Life:

Coverage amounts: $50,000 to unlimited

No exam up to 250k coverage

Cheapest life Insurance, period. Best used to cover temporary needs, for instance, to pay off a house or replace income for dependent family members in case the insured dies. Does NOT have a cash value savings account for cash growth like permanent life insurance does. Term life insurance is not permanent. It can last for a term of 10, 15. 20, 25, or 30 years. Best for people with dependent family members, a mortgage on a home, or other temporary financial needs. Ages 0-80.

Whole Life:

Coverage amounts: $50,000 to unlimited

Exam Required

Lasts forever. Comes with a cash savings account that earns dividends and grows at 3-5% rate yearly. However, policy expenses can hamper the cash account growth for the first 10 years of the policy, so don't expect much from the cash growth until 10+ years. Can be used to cover a small burial or save money for tax free, risk free retirement, and pass on wealth. Pays estate taxes if net worth over 5 mil. Ages 0-85.

Indexed Universal Life:

Coverage amounts: $50,000 to unlimited

Exam Required

Similar to whole life, but cash grows faster at 6-7% yearly compounding. Based on stock market performance, but never loses money, only gains, with a cap on the upper limits around 13-14 percent. Policy will be designed for max funding to insure policy longevity. Agent gets paid the same for regular or max premiums. Surrender charge and taxes if insured withdraws cash in the first 10 years, keyword withdraw. With policy loans however (that you don't have to pay back), no charges or taxes, and interest is cancelled out by automatic loan collateral account. Moral of the story? Take loans, not withdrawals. Ages 0-85.

Guaranteed Universal Life:

Coverage amounts: $50,000 to unlimited

Exam Required

Cheapest permanent life insurance, but no cash account. Universal life insurance guaranteed to last forever. Ages 0-85.

Single Premium Whole Life:

Coverage amounts: unlimited

Turn a portion of your savings into an immediate death benefit twice, triple, quadruple, etc. the amount you put in. One-time payment. Ages 0-85.

Immediate Annuity:

Guaranteed income for life. Immediate annuity provides around 6 percent yearly income of the amount you pay in. Period Certain options available.

Deferred Indexed Annuity:

Guaranteed income for life kicks in after a certain period of years, selected by the insured. Down payment doubles in 10 years and then pays around 6 percent of that amount. You could also receive payments for a period certain like 10, 20, or 30 years.

Disability Insurance:

What would happen if you lost your ability to earn a paycheck because of a disability? Buy disability insurance to protect you just in case you become disabled and can no longer do the material and/or substantial functions of your job anymore.

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