Sentences with phrase «type of life insurance coverage»
Just like with other types of life insurance coverage, the death benefit proceeds that are received by the named beneficiary are not subject to income tax.
These policies are also convertible, meaning that this term life insurance coverage can be converted over into a permanent type of life insurance coverage over time.
Term will have much lower premiums than other types of life insurance coverage such as whole life or universal life, which are both permanent forms of life insurance.
No matter what type of life insurance coverage is ultimately chosen, the most important thing is to choose a policy that provides the highest possible level of coverage at the lowest possible cost.
As with other types of life insurance coverage, the proceeds that are received from a final expense life insurance policy will be free of income taxation to the recipient.
A term insurance contract is also the least expensive type of life insurance coverage and it allows for the insured person to provide for their beneficiaries in an economical way.