TYPES OF LIFE INSURANCE | Life Insurance Riders | JR's Favorite Types & Features | Life Insurance Myths |
---|---|---|---|
What is Term Insurance
This type of life insurance provides a death benefit for a set time period.
|
Waiver of Premium
With this rider, you don't have to pay the premium if you become totally disabled and can't work.
|
SImple Issue Policy
This policy allows a person to purchase up to $24,999 of death benefit while bypassing most of the underwriting
|
FALSE
Life insurance is really expensive
|
What is Whole Life Insurance
This type of life policy is called permanent because it never expires.
|
Guaranteed insurability rider
This rider lets you purchase additional life insurance coverage at a later date without undergoing a medical exam or providing any evidence about your insurability.
|
Graded Death Policy
This is a guaranteed issue policy for those with health insurance
|
FALSE
Your employer-provided life insurance is all you need
|
What is Universal Life Insurance
I am a type of permanent life insurance that provides the policy owner greater flexibility with premiums and cash value.
|
Accelerated death benefit rider
The rider lets you collect a portion of the policy's death benefit if you become terminally ill with a short life expectancy, such as one year
|
Term Conversion Rider
This rider lets you convert term life insurance into permanent life insurance without undergoing a medical exam.
|
FALSE
Term insurance is the best option
|
What is a Graded Death Policy
I am a guaranteed issue life insurance policy for people that have health issues.
|
Critical illness rider
The insurer pays a lump sum if you're diagnosed with one of the critical illnesses specified in the insurance policy, such as cancer, heart attack, stroke, kidney failure and others. Instead of reimbursing you for medical expenses, the way health insurance does, the rider provides money to use for any purpose during the course of treatment.
|
Transitional Life Policy
This policy provides you a paid up whole life policy when your term policy expires
|
FALSE
My health disqualifies me from life insurance.
|
What is a Whammy
This allows the other team to to take control
|
Return of premium rider
"If you live to the end of the term, in exchange for paying the premium, in most circumstances you get all your money back,"
|
What is a Whammy
This allows the other team to to take control
|
FALSE
You get a better deal purchasing life insurance online
|