Types of Life Insurance
Group Life
insurance written for members of a group, such as a place of employment, association, or a
union. Coverage is provided to the members of that group under one master contract. The group is
underwritten as a whole, not on each member. Typically, group life insurance doesn’t require evidence of
insurability and is cheaper than individual life insurance.
Straight life
This is basic whole life insurance with a level face amount and fixed premiums that are
payable over the insured’s entire life, or to the age of 100 (maturity of policy).
Family plan policies
are designed to insure all family members under one policy.
Universal life
a variation of whole life insurance and is characterized by considerable flexibility.
King of Wakanda and a key Avenger
Black Panther (T'Challa)
Ordinary life
several types of individual life insurance,
Limited Pay Whole life
This is whole life insurance in which the insured is covered for her entire
life, but premiums are paid for a limited time. As
Family income policies
combine whole life insurance and decreasing term insurance. It provides monthly
income to a beneficiary if death occurs during a specified period after the date of purchase.
Interest-Sensitive Whole Life:
a type of whole life insurance in which the cash value can increase beyond the stated guarantee if
economic conditions warrant.
The leader of the Avengers,
Captain America (Steve Rogers)
Term life
gives a person the most considerable amount of coverage for a limited period.
Single premium whole life
Allows the insured to pay the entire premium in one lump-sum and have
coverage for her entire life.
Family maintenance policies
combine whole life insurance and level term. They provide income to a
beneficiary for a selected period if an insured dies during that period.
Equity Index Universal Life insurance (EIUL)
permanent life insurance policy that allows
policyholders to tie accumulation values to a stock market index,
The Sorcerer Supreme and master of mystic arts
Doctor Strange (Stephen Strange)
Level term insurance,
a fixed, low premium in
exchange for level protection that lasts a specified period.
Modified whole life
type has low premiums in the early years and jumps to a higher premium in
the later years but remains fixed after that. Premiums increase just once.
Multiple protection policies
pay a benefit of double or triple the face amount if death occurs during a
specified period. If death occurs after the period has expired, only the policy face amount is paid.
Adjustable life policies
are distinguished by their flexibility from combining term and whole life
insurance into a single plan.
Known for his immense strength and uncontrollable rage
The Hulk (Bruce Banner)
Decreasing term life
annually decreasing face amount over time with level
premiums.
Graded whole life
the premium increases yearly
for a stated number of years, then remains level.
Joint life policies
cover two or more people.
Modified Endowment Contracts (MECs)
are policies that are overfunded, according to IRS tables.
The Asgardian God of Thunder and founding Avenger.
Thor