MOST COMMON TYPES OF LIFE INSURANCE
Term Insurance. This type of life insurance is for a limited period of time only. The insurance is payable if the insured dies during the specified period of time, and nothing is paid if the insured outlives this period of time. The most usual term insurances are for 5, 10, 15, 20, 25 and 30 years. This type of insurance does not accumulate cash, and given the same coverage, the premiums are less expensive than those of a permanent life insurance. Term insurance is appropriate when the insured wants to protect his/her family from an event of a known time duration such as the payment of a mortgage, college funding for the children, or the payment of a loan.
Universal Life Permanent Insurance. This type of insurance is for the lifetime of the insured, not for a limited period of time. Universal life insurance accumulates cash based on the actual interest rate declared by the insurance company. There is a minimum interest rate guaranteed by the insurance company. Other characteristics of this type of insurance are that the premiums are flexible and the death benefit may be level or increasing. This type of insurance provides more flexibility to the insured, but given the same coverage, the premiums are higher than those of a term insurance.
THE COST OF LIFE INSURANCE BOUGHT IN LATIN AMERICA AND THE CARIBBEAN
The cost of life insurance bought in Latin America and the Caribbean is, in general, higher than a similar insurance bought in the United States of America. If you visit the United States with some frequency, perhaps it could be more economical if your life insurance application and the medical examination are completed during a visit to Miami, since the savings in the premiums of an insurance policy taken in the United States could be much larger — depending on your country of residence — than the cost of your trip to Miami. The cost of the medical examination is paid by the insurance company
If it is not convenient to travel to Miami, your life insurance application and the medical examination would be completed in your country of residence, and similarly, the cost of the medical examination is paid or reimbursed by the insurance company.
How to Determine the Necessary Amount of Life Insurance »
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