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Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid.
Whole
Hybrid
Universal
Term
Permanent
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Permanent life insurance is an umbrella term for life insurance policies that do not expire. Typically, permanent life insurance combines a death benefit with a savings portion.
Whole life insurance provides coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. These policies are also known as “permanent” or “traditional” life insurance.
Hybrid life and long-term care insurance policies offer two types of insurance bundled into a single product. Premiums may be fixed for life and not subject to increase, as stand-alone policy premiums can be. Medical underwriting may be less rigorous than it is for a stand-alone long-term care policy.
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Universal life (UL) insurance is permanent life insurance with an investment savings element and low premiums that are similar to those of term life insurance. Most UL insurance policies contain a flexible-premium option.
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Welcome to the Carrier Operations Real-Time Exchange database. Access all of the information for PHP's 19 insurance carriers below. This information will assist you during your meetings with clients and helps you track training schedules.
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