About This Chapter
Types of Life Insurance Policies - Chapter Summary
This collection of bite-sized lessons explains the purposes, features and benefits of different life insurance policies. Our expert instructors explain the differences between life insurance types, including whole, term, convertible, renewable, combination and annuities. You'll also learn about specific insurance needs of different groups of people. After completing the lessons in this chapter, you'll be equipped to:
- Differentiate between different types of whole life insurance
- Understand how term life insurance helps different people
- Outline convertible and renewable term life insurance features
- Describe two types of annuities and their benefits
- Explain the difference between single and flexible premium annuities
- Assess joint and survivorship life insurance plans
Each lesson in this chapter is designed to be concise, engaging and straightforward. This simplified instructional approach helps you quickly comprehend the most important life insurance definitions and concepts. After completing a lesson, you can reinforce what you've learned by taking the included self-assessment quizzes. Our expert instructors are happy to answer any questions you may have and you can print the text lessons to supplement your study. We've also made these lessons accessible on any computer or mobile device, which enables you to study wherever it's convenient, whether you're at school, in the office or on-the-go.
1. What is Whole Life Insurance? - Definition & Types
Being financially prepared at death gives your family one less thing to deal with. That is the main purpose of life insurance. In this lesson, you'll learn about the different types of whole life insurance.
2. Term Life Insurance: Definition & Forms
After reading this lesson, you will become more familiar with the different types of term life insurance that you can choose from. You will learn how each is designed to meet specific needs of different people.
3. Term Life Insurance: Convertible & Renewable Features
In this lesson, we'll explore how convertible and renewable features included with some term life insurance policies offer risk management solutions for people who may be worried about their ability to get insurance later in the future.
4. Annuities: Types & Benefits
In this lesson, we'll define annuity and learn about the two main types of annuities. We'll also discuss three annuity investment options, including the benefits and disadvantages of each.
5. Single vs. Flexible Premium Annuities
We all want to ensure we have enough money to live on after we retire. Annuities provide us with regular income. In this lesson, you will learn about single and flexible premium annuities.
6. Combination Life Insurance Plans: Joint & Survivorship
Individuals seeking life insurance coverage can purchase it individually or with a spouse. In this lesson, you will learn about combination life insurance plans.
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Other chapters within the Life & Health Insurance Exam Prep & Practice course
- Policy Riders, Provisions, Options & Exclusions
- Taxes, Retirement & Other Insurance Concepts
- Disability Insurance Policies
- Health Insurance Policies & the Government
- Provisions of Health Insurance Policies
- Social Insurance Programs
- Health Insurance Rights & Benefits
- Insurance Applications & Underwriting
- Contract Law in Insurance