London (PRWEB) April 7, 2011
The site, set for launch early spring, aims to offer life insurance solutions to high risk areas of cover, whilst at the time simplifying the application process which has historically been very laborious.
How our new online service can help:
Life insurance is a great investment that is traditionally and primarily used to give financial support and protection for one's surviving family members in the event of death. These benefits include not only money to immediately settle any outstanding debts, taxes, or other claims on the estate one leaves behind but also sufficient capital assets to ensure that family members are well taken care of and comfortable. A well designed life insurance policy guarantees that they can continue to enjoy the lifestyle and level of financial security to which they are accustomed - both now and into the future.
There are two main categories of life insurance, namely Term Life Insurance and Permanent Life Insurance.
Term Life Policies cover the person for a specific period of time. These include:
Level Term - This type of coverage has fixed premiums over a certain period of time, usually scheduled in 10-year increments.
Convertible Term - With this kind of insurance the policy holder has the option to convert over from Term Life Insurance to Permanent/Universal Life Insurance.
Group Term - Those who own a small business can use this type of insurance to cover several people - such as all of their employees - and they will usually also qualify for discounted premiums.
Permanent Life Policies provide coverage for one's entire lifetime. They include:
Traditional Whole Life - This remains in force during the policy holder's entire lifetime as long as the premiums are paid on time. Whole life also offers ways to increase the cash value of the policy as one might do with any wealth-gaining investment.
Variable Whole Life - This death benefits and cash value of this kind insurance fluctuate according to the investment performance of separate account investment options. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum but they offer the potential for it to increase substantially on the upside.
Last Survivor Insurance - This is a kind of permanent life insurance that covers two persons - like, for example, a husband and wife. The death benefit is paid out after both of these persons have died, and this kind of insurance policy is handy for paying estate taxes.
Single Premium Whole Life - With this kind of whole life insurance it is possible to buy the insurance and pay all the premiums in one single lump sum payment.
Some types of life insurance policies let the policy owner deposit money that earns either a fixed interest rate or gains value through investments in the stock market. You can borrow against the value of the equity in the life insurance account, and some of this potential income can be accessed tax-free. There are also ways to sell life insurance policies that have accrued lots of value by signing them over to investors who are willing to pay a large lump sum of cash in exchange for being named the beneficiaries of the policy.
Many consumers do not realize that life insurance offers such a variety of creative financial planning options and solutions. Life insurance can help grow one's wealth while also offering contingency resources to handle unexpected emergencies like a health disability that can render one unable to work and earn an income. The right policy can help pay a mortgage on a home, compensate for inadequate employer-provided life insurance (which typically only provides protection equal to one year of one's normal salary), or help create a financial nest egg while one is alive by building valuable equity over time as a smart and affordable investment.