Life Insurance Types

Life Insurance Types

TypeDescriptionAction
Convertible life insuranceConvertible life insurance allows you the option to convert your policy into a whole life or endowment policy if you outlive the original life insurance term
Critical Illness OnlyCritical illness insurance provides a lump-sum payment in the event that you are diagnosed with a critical illness during the insurance term
Decreasing Term life insuranceDecreasing term life insurance policies decline in value over the policy term; with payout amounts usually tied to your outstanding mortgage balance
Increasing Term life insuranceIncreasing term life insurance is a type of life insurance that increases in value throughout the policy term in return for higher premiums
Level Term life insuranceLevel term life insurance is a product that pays out a lump-sum payment upon your death in order to provide financial security for your dependents
Renewable life insuranceRenewable life insurance allows you to renew your policy at its expiration without the need for new health assessments
Term life insuranceTerm life insurance runs for a set amount of time, during which you are covered by the life insurance option selected
Whole Life life insuranceWhole life insurance policies provide secuity for dependents by paying out a lump-sum amount upon your death for as long as premiums are maintained