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The 7 Types of Life Insurance and When You Need Them




As it stands, life insurance doesn't yet mean immortality. Here's to technology. Could you imagine running into your buddy and him saying, "Man I died yesterday! Good thing I had great life insurance. I was able to upload my memories from Facebook." If that were so, we'd probably only need one type of life insurance. Until then, here are the seven types of life insurance.

1. Term Life Insurance

Term life insurance lasts for a predetermined number of years. If you die within the life of the policy, the death benefit is paid out to your beneficiary. It is a simple policy and inexpensive compared to other life insurance policies. They are more affordable due to the limited number of years they can affect your finances.


Tiff - Annie

"I told hubby I’m getting us life insurance policies and he immediately asked if I wanted to kill him surprisesurprise"



2. Universal Life Insurance

A universal policy has both a death benefit and a cash value. Still, it allows you to adjust the premium and death benefit without having to stop your old plan and start a new one. Universal life insurance is permanent life insurance with an investment savings element and low premiums similar to term life insurance. Most universal life insurance policies contain a flexible premium option. However, some require a single premium (single lump-sum premium) or fixed premiums (scheduled fixed premiums).

3. Variable Life Insurance

Variable life insurance policies also have a cash value. Still, the cash value portion goes into an account similar to mutual funds so that you can get growth on the invested fund. A variable life insurance policy invests the cash value that accumulates in it into variable mutual fund subaccounts that invest in stocks, bonds, cash, and real estate. Both the amount of cash value in the policy and the death benefit will rise and fall based on the performance of these subaccounts. It is possible to lose money inside this type of policy. If the subaccount values fall below a certain level, then you will have to make an additional deposit of premium to keep the policy in force.

4. Whole Life Insurance

Whole life insurance does not expire, which is why it is sometimes referred to as permanent insurance. The policy has cash value, which is in a savings account and accrues interest at a fixed rate determined at the start of the plan. Whole life policies are more expensive monthly due to the cash value feature of the policy. This policy is also called "ordinary life" or "straight life", and it is the oldest form of cash value life insurance. If you buy whole life policies when you are young, you will have lower premiums but will pay into the plans for a more extended period of time. Older policy owners will have higher premiums because they have a shorter amount of time to make premium payments.

5. Final Expense Insurance (Burial Insurance)

Final expense insurance covers the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. Final expense insurance is also known as burial insurance.

6. Guaranteed Issue Life Insurance

According to, guaranteed issue life insurance is a type of whole life insurance policy that does not require you to answer health questions. It doesn't require that you undergo a medical exam, and nor does it allow an insurance company to review your medical and prescription records. This is why you may also see it referred to as no questions life insurance. Sounds great, but there's a catch. Guaranteed issue life insurance has a waiting period. If you or the insured dies during the waiting period, beneficiaries will not receive the policy's death benefit. With most policies, the waiting period is two years.

7. Simplified Issue Life Insurance

Simplified issue life insurance uses a process that requires that you answer a few questions about your medical history for the life insurance application. That is the extent of the screening process. You don't have to undergo a medical exam. Nonetheless, if you are reasonably healthy, you could potentially save money on coverage by taking the medical exam. Whatever you do, search for life insurance with iSelect to discover your best options.

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