life insurance policy quotes. Life Insurance Policy Quotes - quotes for life insurance in South Africa.  Life cover in South Africa - quotes for life cover. Life insurance policy quotes.  Types of life insurance

 

life insurance policy quotes    
Types of Life Insurance  

life insurance policy quotes. Life Insurance Policy Quotes - quotes for life insurance in South Africa.  Life cover in South Africa - quotes for life cover. Life insurance policy quotes. Types of life insurance.

life insurance policy quotes. Life Insurance Policy Quotes - quotes for life insurance in South Africa.  Life cover in South Africa - quotes for life cover. Life insurance policy quotes. Types of life insurance

  • Protection policies – designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
     
  • Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are whole life, universal life and variable life policies.
 

Whole Life Insurance
Whole life insurance provides insurance protection for the whole life of the insured person. The premiums are usually level for the life of the insured and the death benefit is guaranteed for the insured's lifetime. These policies have a "cash value" component that grows tax deferred at a contractually guaranteed amount.
Part of your premium goes toward the insurance portion of your policy, another part goes toward administrative costs and the balance goes toward the investment portion of your policy.

Universal Life
Universal life insurance is a type of whole life insurance. It is also a permanent policy providing cash value benefits based on current interest rates. The difference is that the premiums, cash values and level amount of protection can each be adjusted during the contract term.

Variable Life
Variable life insurance is comprised of two very different components: the general account and the separate account. The general account is the reserve or liability account of the insurance provider, and is not allocated to the individual policy. The separate account is made up of various investment funds within the insurance company's portfolio.  This means that the value of the cash and death benefit may fluctuate.

Variable Universal Life
Variable universal life insurance gives the policy holder the flexibility to be able to adjust premiums, death benefits and the selection of investment choices. These policies are technically classified as securities.

Term Life
Term insurance can help protect your beneficiaries against financial loss caused by your death; it pays the face amount of the policy, but only provides protection for a definite amount of time. Term policies don’t build cash values and the maximum term period is usually 30 years.

 
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