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Because term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or his or her beneficiaries. Such responsibilities may include, but are not limited to, consumer debt , dependent care , university education for dependents, funeral costs, and mortgages .
Level death benefit: The death benefit remains consistent, similar to whole life insurance. Increasing death benefit: The benefit grows along with the cash value, although premiums are typically ...
Life insurance offers more than just peace of mind — it provides critical financial protection for your loved ones when they need it most. At the heart of every policy is the death benefit, the ...
Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a "level death benefit"; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death ...
Whole life insurance is a type of permanent life insurance that typically features fixed premiums and a level death benefit. Like IUL coverage, whole life insurance policies build a cash value ...
Terminal illness insurance (known as accelerated death benefit in North America) pays out a capital sum if the policyholder is diagnosed with a terminal illness from which the policyholder is expected to die within 12 months of diagnosis by a physician who specializes in that illness or condition. The payout is still valid even if the insured ...
Accidental death and dismemberment (AD&D) insurance provides coverage if you lose a limb or your death is the result of an accident. Between AD&D and term life, term life covers more causes of death.
A health insurance policy is a insurance contract between an insurance provider (e.g. an insurance company or a government) and an individual or his/her sponsor (that is an employer or a community organization).