Insurance plans that National Life Group offers include term life, whole life, universal, variable and indexed life, and living benefits. These types of insurance fall under the broad category of life insurance, but they offer different rates and coverage. Some life insurance plans offer basic, general coverage for catastrophic life events, while others offer more comprehensive coverage, but most follow tax-free formats, providing financial benefits for beneficiaries.
Term life insurance offers a low up-front cost and wide protection for life events. This plan proves attractive for families with a nominal income that are in need of full coverage, such as families with young children.
Universal Life Insurance
Universal life insurance gives beneficiaries financial coverage for most major life events, including death of policyholder. Like term insurance, universal life insurance requires payment of premiums. Policyholders and beneficiaries enjoy the flexibility of changing plan coverage with this option. Universal life insurance contains insurance and cash savings components, making it popular for people with low incomes.
Whole Life Insurance
Whole life insurance provides coverage to a policyholder and family members until the policyholder dies. This coverage offers the benefit of no premature termination, but requires payment in full of premiums and lacks the flexibility of some other life insurance plans.