What are the Life Insurance Products?

Life insurance is a product that helps people protect their families and loved ones from financial hardship in the event of their death. There are many different types of life insurance policies, each with its own unique features. In this article, we'll discuss some of the most common types of life insurance products available today:

 

Whole Life Insurance

Whole life insurance is a permanent type of policy that doesn't expire. It's designed to provide coverage for the rest of your life, but it also has a cash value component, which is the amount of money you have in the policy.  Whole-life premiums are typically higher than term policies because they last longer and require more money upfront. However, if you need permanent protection and don't want to worry about your coverage expiring or needing new policies later on down the road, whole life may be right for you!

Universal Life Insurance

Universal life insurance is one of many different types of life insurance products that can be used for a variety of purposes. A universal life policy offers flexibility in how you choose to use it, but there are some limitations on how much money you'll be able to borrow against your policy.

Universal policies typically allow you to build up cash value over time while paying premiums out-of-pocket or through payroll deductions. This means that if the cost of premiums becomes too high or if you need extra money for something else, such as estate planning needs or funding an income stream during retirement, then taking out a loan against this cash value may be possible without affecting your coverage (as long as there's enough left after borrowing).

Variable Life Insurance

Variable life insurance is a type of permanent life insurance policy that allows you to invest in mutual funds, stocks and bonds. Variable policies have cash value and death benefits, which are paid out upon the policyholder's death. The cash value is tax-deferred, meaning that any growth on your investment will not be taxed until you withdraw it (and even then only at ordinary income tax rates). This means that if someone were to pass away in their 50s with P10M left on their policy and no need for immediate money due to having paid off all debts--the remaining amount could continue growing until they reached retirement age!

The main difference between whole life insurance vs variable is that there are different ways you can invest your money with variable life insurance products:

Universal Life Policy - A universal life policy is similar to whole life but offers more flexibility when it comes to premiums (how much each month), payment terms (length of time before payments stop) and investment options (you can choose where your premiums go).

Traditional Term Life Insurance

Term life insurance is a type of life insurance that provides coverage for a specific period of time. The policy will expire at the end of the term, and you'll need to renew it if it's still needed.

Term life premiums are fixed for your entire policy period, so even if your health changes after purchasing a policy, there's no need to worry about increasing costs or getting dropped from coverage. You can choose a term anywhere from 1-30 years; however, most people purchase terms between 5-15 years in length (which is why they're sometimes referred to as "mid-term" policies).

The amount of coverage stays constant during this time frame--you won't see an increase in benefits based on how long someone has been paying into their policy or anything like that; however, some insurers may offer upgrades at certain intervals (i.e., every five years). These upgrades would provide more death benefit at no additional cost because they're built into regular premium payments!

Whole life insurance is a permanent type of policy that doesn't expire.

Whole life insurance is a permanent type of policy that does not expire. It can be used to fund retirement, education for children and other long-term goals.

Whole life insurance can also be used as collateral or as an investment vehicle to help you reach your financial goals faster.

If you're looking for life insurance, there are many different products to choose from. The type of coverage you need will depend on your situation and what kind of protection you want for your family. If you have any questions about which policy might be right for you, contact us today!

About the author 

Jack Marbida is a husband to his wife Wene and a father of 2 little boys Isaac and Israel, he is a financial advisor, speaker, and writer who helps families be financially stable and grow their relationships. He works with families to help them reach their goals by teaching them about financial literacy and helping them develop a healthy relationship with money.

He has been featured in Sun Life Financials and others for his work as a financial coach. He is also the founder of Online Advisors Financial Education, which provides free educational content through blogs and videos.

Jack speaks at conferences across the Philippines on topics such as family finances, and personal and professional growth.  

You can contact Jack Marbida through his social media accounts or email him at papajackph@gmail.com.

Cheers!