LIFE INSURANCE

Types of Life Insurance.

Whole life and term life insurance are the two most common types of life insurance. Whole life insurance, otherwise known as permanent life insurance, can provide coverage for a lifetime. In contrast, term life insurance offers life insurance for a term or period. Term life insurance policy through Woligo offers coverage for 15 or 20 years, depending on your age.

Permanent life insurance, also known as whole life insurance or universal life insurance, can last for your entire life as long as you continue paying your premium. Premiums are substantially higher than term policy premiums for the same coverage in the initial years because of the extended coverage.

Some independent contractors and small business owners choose a permanent policy because some of the money paid into the policy can go into a cash-value account. With some policy options, you can surrender your policy for cash, but it forfeits your coverage and death benefit.

A term life insurance policy covers you for a set amount of time — a "term." You can renew the policy when it ends or transfer it to permanent policy coverage. As we previously mentioned, the term life insurance policy with Woligo provides coverage for 15 or 20 years, depending on your age.

Term life insurance has lower premiums than permanent policies for the same coverage in the initial years. Individuals in good health often prefer this plan because it is designed to protect beneficiaries in case of premature death, not necessarily to pay family members once they are grown up and on their own. It can also be great for adults who want limited protection for the next decade in their mid-life. The benefits of life insurance can be used to make up for the lost income during your working years. The death benefit is paid in a single lump-sum amount.

Due to lower premiums, a term life insurance policy helps you protect your family for the same coverage, but at less cost, than permanent policy premiums. You can feel secure knowing that your family will be ok if you were to pass away, but also minimize your expenses right now. Term life insurance policies are simple to understand and easy to start.

Supplemental life insurance is additional coverage that adds an extra layer of protection to your basic life insurance plan.

Accidental death insurance is supplemental life insurance and protects against the loss of life caused by accident. Accidental death insurance could cover death by a car crash or airplane crash, death by murder, loss of limb or finger, or loss of sight, hearing, or speech.

Critical illness insurance is another type of supplemental life insurance that can fill a gap between health insurance and life insurance. This benefit provides an accelerated payment of life insurance proceeds if the insured suffers a critical illness such as life-threatening cancer, heart attack, major organ transplant, paralysis, renal failure, or stroke. The amount paid for a critical illness is deducted from the remaining death benefit.

If you have been searching for no exam life insurance, look no further! Term life insurance through Woligo does not require a medical exam. Instead, Woligo’s partner in life insurance uses your application, MIB, and prescription drug check.

Life insurance for the self-employed

When you work for yourself – go Woligo.