Types of Life Insurance

These flashcards cover the different types of life insurance and their characteristics.

Level Term Insurance

Pure protection that lasts for a specific term with coverage that remains the same for that period.

Annual Renewable Term

A policy that renews each year without proof of insurability; premiums increase based on attained age.

Decreasing Term Insurance

Coverage that decreases as your debt decreases, beneficial when protection needs decline over time.

Straight Life Policy

A basic policy providing a level death benefit with level premiums until death or age 100.

Limited Pay Premiums

Premiums paid until a certain age or time, after which coverage remains until death or age 100.

Single Premium Insurance

Premiums paid in a lump sum, providing coverage until age 100.

Term Life Insurance

Types of life insurance that include level term, annual renewable term, and decreasing term.

Whole Life Insurance

Includes cash value, straight life, limited pay, and single premium policies.