What Are Other Life Insurance Coverages?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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Insurance Variable Life: The policy values are not fixed, but determined by the performance of investments in the stock market.

Group Life Insurance: Group life insurance is a form of term life that is sold to companies to cover their employees. Since many people are covered under one policy the cost per covered person is low and the diversity of ages and health situations can often lead to low underwriting costs. For the covered employee, group insurance is usually free or inexpensive, but since it is only in effect while working at that firm, there are risks to making it your only or main insurance. Group life insurance normally includes a provision for conversion to an individual insurance plan when the employee leaves the covered group.

Credit Life: Through a connection with a life insurance firm, many lending institutions provide credit life insurance which can be purchased to pay off a debt in the event the debtor dies before the debt has been paid back. While this may be a convenient way to buy life insurance for that specific need, it is generally better to do a “total needs” analysis and buy adequate insurance to cover all your needs. Credit life is generally a high cost form of life insurance

Home Service Life: For many years, home service life insurance was a popular form of insurance in many parts of the United States, especially major cities and their surrounding areas. The agents were known as “debit agents” and they made regular calls at homes to collect insurance payments and add new insurance policies – mostly for small amounts. Many policies were designed to have premiums payable frequently (often weekly) in small amounts (25 cents or 50 cents). With changes in the economy and people’s lifestyles, home service has been abandoned by most companies although it still survives in a few areas. Because of the small size of the policies and the labor intensive nature of the service provided, home service life insurance is generally very expensive.

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