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Types of Life Insurance that Do Provide the Assistance Your Loved Ones Need

By Marvin Jain Subscribe to RSS | December 10th 2011 | Views:

If you are in need of Life Insurance, you likely realize that there are different types of life insurance that includes mortgage life insurance, over 50's life insurance, HIV life insurance, family income benefit, key person insurance. If you are new to the market, you may not be familiar with the various life insurance policies, which this article will address.

Mortgage Life

Mortgage life insurance is a type of insurance that covers you for a set term. In the event that you die during the policy term, a lump sum is paid. This type of insurance is designed to cover the amount of your outstanding mortgage. The advantage of this type of insurance is that your loved ones have the benefit of not having the mortgage payment, which they may not be able to afford. This is an insurance that has lower premiums than term life insurance.

Over 50 Life Insurance

Over 50 life insurance is just as it sounds. It is an insurance policy that is offered for individuals that are over 50 years of age. There are many leaders within the industry that are offering this type of life insurance, which include Engage Mutual, Shepherds Friendly and Aviva. The insurance can be a great benefit for individuals over 50, as it is typically offered at a competitive rate.

HIV Life Insurance

HIV life insurance is a life insurance that is offered to people living with HIV. In order to be eligible for this type of insurance, the individual with HIV must be on HAART (highly active antiretroviral therapy). If they are not, they are not eligible to apply for insurance. PruProtect offers this insurance, and the coverage offers a maximum of £250,000 for 10 years.

Family Income Benefit

With family income benefit insurance, the beneficiary of the deceased is paid a monthly benefit over a lump sum upon the death of the insured, or upon diagnosis of a terminal illness within the term of the policy. With this type of life insurance, the policy holder can choose to fix their premiums, so they never rise. Currently, there are over 20 insurance companies that provide this type of life insurance policy.

Key Person Insurance

Key person insurance is designed to protect a company form the loss of a key member of the organization. This is idea insurance for all sizes of companies, as the insurance can provide funds of $500,000 to $10 million in the event of the key member's death.

Life insurance is the one protection you have that give you the security that you family and loved ones are cared for in the event of your death. Death is an emotional time, and when financial hardships impact the situation, it can be overwhelming. Life insurance allows your loved ones to know that you cared, even when you are no longer there to care for them personally. There are many different levels of insurance and definitely all budget levels can find a life insurance policy that will benefit them and provide protection to their loved ones that they need.

Marvin Jain - About Author:
Life Insurance is something that each of us should have to ensure the care of our loved ones in the event of our death. For more information on life insurance, visit Life Broker.

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