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There Are Different Types Of Life Insurance

Comprehensive Explanation Of Life Insurance

Types of Policies

All forms of policies use the same basic principle in that they provide your family or beneficiary with the necessary funds to recover should you pass away. Some policies may only cover medical and burial costs, while others provide a substantial amount of money to the beneficiary to make up for the lost income. At Super Term Life Insurance, we mainly offer quotes on term plans because we feel it provides the maximum benefits to you at the lowest possible cost. There are several other types of plans available, each with their own pros and cons.


Considered to be the original form of life insurance, this typically provides you with coverage for a certain period of time, referred to as the relevant term. Afterwards you can continue the coverage by paying an annual premium or drop it completely.


This type of plan pays out a lump sum to the beneficiary if you are to pass away, or if you are diagnosed with a serious illness in some cases. The amount paid out may be fixed or be dependent on how much money you have paid on the life insurance plan. Whole life insurance usually has fixed premium payments each month that void the policy if not paid.


This is considered to be a permanent type of coverage based on a cash value. Here, you make a premium payment that is larger than the cost of the insurance itself. If you don't make a payment, the money is just subtracted from the extra you've been putting forth in cash. The extra money being paid is given to the beneficiary when the insurer passes away.


This is very similar to universal, except that the extra money put into the policy is put in different accounts, similar to mutual funds. It carries a greater risk than universal policies, but could possibly pay out much higher as well.

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