Types of Cover from Life Cheer

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Term Insurance - This is the most basic form of life insurance . A policy holder holds coverage for a specific price for a specific period. If the policy holder dies during this period, the beneficiary receives a lump sum . There is no investment component in this type of policy .

Whole Life - This policy is purchased to cover the entire lifespan of the policy holder. Premium remains level throughout the life of the policy . Some of the premium is invested and the investment prceeds are shared with policyholders as dividends. This type of life insurance is usually advertised as having a relatively low guaranteed rate of return .

Variable Life - With a variable life policy, the policy holder has the option of deciding which investment products to put into this portfolio. This can at times allow the returns on investment to offset the cost of premiums . Upon death , the beneficiaries will either receive the face value of the policy or the face value plus the cash account.

Universal Life - The policy holder has the option of deciding the monthly amount that can be put over the minimum premium . The type of investment is generally restricted to bonds or mortgage bonds. The returns on investment can be used to offset the cost of premiums or used to build the cash account . There are generally two types of policies; Type A and Type B . For Type A policies , upon death , the cash account goes towards the face value of the life policy . In type B , the beneficiaries will receive the face value of the policy plus the cash account. This is typically more expensive as it acts to protect against inflation.