Life-insurance policies are intended to provide security to families that are left financial crippled. Once the insured died, his beneficiaries will receive a benefit from the life-insurance company. In the recent years, the number of life-insurance policies and their rates are increasing. These rates generally vary for every life-insurance policy. When you shop for a policy, the fastest way to do it is through life insurance quote online. But before that, you should familiarize yourself first with the different types of life-insurance policies available right now.

Universal Life-Insurance

This life-insurance policy has few similarities to term life-insurance. It can be paid off like a term policy however you can choose to continue the policy without the health underwriting consideration. However unlike term life-insurance, the universal policy builds cash value and surrender value.

Whole Life-Insurance

The most expensive policy is the whole life-insurance policy. It is the prime in life-insurance security. However, the cost of whole-life policy is only a little bit higher than the universal policy, for younger people. In some cases, the whole-life policy for children is less costly than the universal policy.

Term Life-Insurance

Probably, this is the most affordable policy available right now in the market. Term life-insurance policy provides you and your family insurance for a specified period of time. When it reaches its expiration date, the benefits and claims are considered null. However, you can still opt to renew the policy or not. The drawback of renewing the policy is that it may increase its premium rate. Hence, the term life-insurance policy is especially beneficial if you only want to be insured for a short period of time. You may find this type of policy offered through online life insurance.

Joint Policies

Joint policies are not common these days even though they offer a good bargain. In joint policies, you are allowed to insure at least two people using the same policy. The premium is usually higher than the premium for the youngest person and lower than the premium for the oldest person.

Source by Allan McDowell

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