Modified Life Policy
is where the initial premium rate applies to the first 5 years of the policy and a higher premium rate applies to the remainder of the premium-payment period.
“Joint Life Policy”
This is a policy that covers two or more persons at the same time, and the face amount or benefits will be payable when any of the insured dies. When the face amount is paid, the joint-life policy terminates automatically.
If a spouse without gainful employment applies for a life insurance, the agent should examine the adequacy of the husband’s insurance coverage. This is because it is the breadwinner that is primarily protected by life insurance. Before a non-employed spouse should get life insurance, the husband must have sufficient life insurance first.
Joint and survivorship annuity
After a specified period of premium payments, the cash values will provide income for the insured as long as he lives and when he dies, it would continue to his spouse as long as she lives.
Group Life Insurance
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