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Variable Life Insurance
When shopping for life insurance, it is best to think of companies like you think about car dealers. We may all need transportation but we all don’t need to get there in the same vehicle. That is why life insurance policy options are varied and can accommodate a variety of needs, both short and long term.
Just a few of the options available are:
- Term Life Insurance: Policy holder determines amount of coverage and length of time required and insurance company provides a quote based upon information provided on application. If payments are missed or if the coverage lapses for any reason, all money paid into the policy is forfeited and a new policy will need to be written in order to have life insurance again. May be bought in increments of up to 30 years and tend to be relatively inexpensive. The face value of the term life insurance policy is paid to the beneficiary.
- Joint Life Insurance: Purchased in conjunction with co-policy holder and payout occurs either when one partner becomes terminally ill or passes.
- Whole Life Insurance: Unlike term life insurance, whole life insurance has no term and guarantees coverage for the lifetime of the insured individual. As such, whole life insurance policies have a cash value that builds over time to equal the benefit value.
Variable Life Insurance
Variable life insurance is actually a type of whole life insurance. Like other life insurance options, variable policies have the typical benefits that are paid to a named beneficiary in the event of a policy-holder death. Also, like a whole life insurance plan, variable policies also have a growing cash value which is factored into the premium pricing—but they come in two varieties.
Varieties of Variable Life Insurance
The first variety of variable life insurance involves a fixed premium amount where a designated percentage is applied towards the actual insurance and the remaining amount is applied to grow policy cash value. If set up properly, the taxes are deferred until the policy is exercised in some form.
The second type of variable life insurance offers variable premiums as is typically found with universal life policies. The returns will fluctuate along with changes in the markets and thus can seriously affect the cash value of the policy when conditions are volatile.
Making a Decision
In some cases a term policy may be a better option. Term life insurance can be less expensive so the premium amounts are lower but there is still the security of knowing that beneficiaries will be covered in case something happens.
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