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A survivorship policy (sometimes called a second-to-die life insurance policy) allows two individuals to be covered under one life insurance policy. ... also known as an irrevocable life insurance ...
Also known as voluntary group life insurance, supplemental life insurance is an extra layer of life insurance coverage that employers often provide beyond their standard group life policies ...
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. [ 1 ] [ 2 ] These are long-term policies, often designed to repay a mortgage loan, with typical maturities between ten and thirty years within certain age limits.
Variable life policies: These have a guaranteed death benefit and cash value—but you can invest the cash value to earn higher returns. The investments do come with risk—and may even lose value ...
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting.
Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [1]
Enhanced annuity is a type of life annuity that provides a higher than normal level of income to the purchaser because the buyers life expectancy is shorter than average. There are many different types of annuity that one may purchase on approaching retirement and many such annuities can be purchased on enhanced terms.
Some kinds of term life insurance also maintain constant premiums throughout the policy’s life. The four primary types of term life insurance are: Level term policies. Yearly renewable term policies