[vc_custom_heading text=”Insurance Guide” font_container=”tag:h1|font_size:40px|text_align:center|color:%230a0a0a” google_fonts=”font_family:Ubuntu%3A300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal” css_animation=”fadeInDown” el_class=”malikheading”]

    Term Life Insurance
    Term life insurance is a very affordable type of life insurance and it provides for your family or beneficiary needs if you die during the specified term. It is referred to as “Term” life insurance because it lasts only for a specific number of years (term) and then it expires.

    There is a death benefit for the beneficiary of the insured if the death happens within the specified term of the insurance. Term life Insurance can be a maximum of 35yrs depending on the carrier.

    Return of Premium Life Insurance

    The Return of Premium Life Insurance also runs for a specific time and then expires, just like the Term Life Insurance. It is Term Life Insurance that pays your premium back at the end of the term if you outlive the term. If you decide to get this type of insurance, the monthly premium is always more expensive than regular term insurance.

    Whole Life Insurance
    As the name implies, whole life insurance or permanent insurance continues throughout your life and later pays out a tax-free amount of money to your beneficiary when you eventually die. Unlike the term life insurance which protects you for a term and then expires, this runs you throughout your stay on earth.

    Whole life insurance builds cash value, money that accumulates with dividend from the premium you pay. Also, the premium remains unchanged for the life of the insurance and is also a more expensive than Term life insurance or Return of premium life insurance.

    No Medical Exam Life Insurance
    Like the name implies, there is no requirement for a medical exam for this type of life insurance. The face value is usually small when a “no medical” is involved in a life insurance but the issue process is always faster than other types of life insurance.