Protecting those you love doesn’t have to be difficult. With tailored life insurance plans, Armor Group Insurance makes it easy to find a plan that fits your lifestyle. We understand insurance can seem complicated and confusing, which is why we are here! Whether you have questions about buying insurance, switching plans, or simply want to learn more, our team is ready to help. Check out the life insurance breakdown below or give us a call at (518) 317-9955 to speak to a professional about finding affordable life insurance for you!
What is Life Insurance?
- Life insurance is a contract between an insurer and a policyholder
- A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured policyholder dies, in exchange for the premiums paid by the policyholder during their lifetime.
Main Types of Life Insurance:
- Term Life
- Level Term
- Increasing Term
- Return of Premium
- Permanent
- Single Premium
- Whole Life
- Universal Life
- Guaranteed Universal
- Variable Universal
- Indexed Universal
- Burial or Final Expenses
- Guaranteed Issue
Term Life:
- Pays a death benefit to your beneficiary only if you die during the term of an active policy.
- In most cases, death benefit and the right to convert to a permanent policy without proof of insurability are the primary features
- Policy has no value at the end of the term
Level Term:
- Allows your premium to be the same every year.
Increasing Term
- This allows your premium to be lower when you’re younger and gradually increase as you get older.
Return of Premium
- This policy includes a savings mechanism. You’ll pay a flat rate for the duration of your policy, but you’ll get your money back at the end of the term.
Permanent
- Pays a death benefit to your beneficiary regardless of when you die as long as the policy is in force
- Pays a death benefit to your beneficiary regardless of when you die as long as the policy is in force
- The policy builds cash or loan value you can borrow against, withdraw, or invest
Single Premium
- This allows you to pay the entire premium upfront – avoiding monthly, quarterly, or yearly payments.
Whole Life
- This is a type of permanent life insurance that accumulates cash value.
Universal Life
- This is a type of permanent life insurance with a cash value component that earns interest
- However, unlike term and whole life, the premiums and death benefits can be adjusted over time.
Guaranteed Universal
- This is a type of universal life insurance that does not build cash value and typically has lower premiums than the whole life.
Variable Universal
- This plan allows the policyholder to invest the policy’s cash value.
Indexed Universal
-his is a type of universal life insurance that lets the policyholder earn a fixed or equity-indexed rate of return on the cash value component.
Burial or Final Expenses
- This is a type of permanent life insurance that despite the names, beneficiaries can use the death benefit as they wish.
Guaranteed Issue
- This is a type of permanent life insurance available to people with medical issues that would otherwise make them uninsurable
- Guaranteed issue life insurance will not pay a death benefit during the first two years the policy is in force (unless the death is accidental) due to the high risk of insuring the person.
- However, the insurer will return the policy premiums plus interest to the beneficiaries if the insured dies during that period.