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Negotiating the life insurance jungle can be a nightmare. It does not have to be and though there may be a raft of new ideas and terms to come to grips with, you need to remember you have to get this decision right for your loved ones as by the time you claim, you will be gone and cannot come back to correct any mistakes.
Term life and whole of life insurance policies are the two most common insurance policies on the market. Less well known are variable universal life insurance policies.
Whole of life policies actually combine a life insurance with an investment fund that is built up over time and is held for the benefit of the policy holder. The level of cover and premiums are reviewed at regular intervals and if, in later years, the level of cover cannot be maintained by the premiums being charged then the investment fund can be used to supplement the cost of cover and maintain protection until death.
Whole of life policies are very long term policies and frequently are the longest lived insurance contract that there can possibly be. They are very flexible and are commonly used to protect estates from the ravages of inheritance taxes that are levied upon death.
Term life insurance policies last for a set period of time: the term. There is no investment element and the premium tends to be cheaper than whole of life policies as a result. The entire premium is used to purchase life coverage and so once the term expires there is no return of monies to the policy holder.
Typically, term life insurance policies are used to insure mortgages which last a known length of time so the term can easily be calculated. They also are often used for young families who have a desperate need for financial protection but are subjected to very tight budgetary constraints.
Variable universal life insurance policies combine an investment element with life insurance and to this end they are similar in nature to whole of life policies. They are flexible in receiving premiums both in terms of when and how much.
Variable universal life insurance policies are as much a part of an investment portfolio as your insurance coverage. Being insurance policies they benefit from attractive taxation benefits that are peculiar to insurance policies. Being flexible as to how and when they receive premiums, this allows for their use to shelter capital gains that otherwise are taxable within them.
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