General insurance Three Types Of Life Insurance

[Deleted member 13140]

Term Life -

Well this life insurance is considered, well it is, the most simplest and most affordable life insurance anyone can get. Why?
Because it lasts for a set number of years, so therefore if the body dies before that set date, money is paid out to your beneficiary

That's one..

Whole Term -

Well I suppose the name says it all, thus life insurance is a permanent one, its just an opposite of the other one, it has also a
death benefit (term life) and also happens to contain cash value (life benefit).

Now he is why the cash value is a life benefit
Why?
Because you can withdraw from it or even borrow from it.
And am sure we all know this life insurance is 10x more expensive than the latter.

Final Expense Benefit -

So this isn't anything like the other two, this insurance provides covering for costs associated with death such as medical care funeral expenses or cremation, someone might want this because they either have no family or I really don't know but it's suitable for people who are insurable.

 

[Mika]

I know about term life and whole life. Actually, I have bought a term life insurance policy. I know only these two different types of life insurance policies, however, I was not aware of the third type called final expense benefits. I am not sure if this policy is being offered by the insurance companies here.

 

[Mandy96]

I really haven’t heard of the third type of life insurance which is the final expense benefit, I used to think the “whole life” covers those benefits listed in the other one. So which means the main thing it covers are the necessary compensation except money. I guess this is interesting

 

[Chibson]

Term life insurance and whole life insurance are the types of insurance that a lot of people know of. Life Insurance is important for so many reasons ranging from securing your properties, and it can only serve as a means of investing in the future of your children or relatives.

 

[btaliat]

I have about annuity life assurance but not the last type of insurance that you explained. But with this explanation of the last one, I think it is better done by someone that doesn't have relative to cater for his burial or someone that lives where his families are not living.

 

[Jamoflondon]

Speaking of life insurance, I only know of two types which are the short term and the whole life. I never knew there is a third one. But if I understand this third part I think it’s more like the the second one in terms of what it does. In fact I used to include the functions