1.    Term life insurance: This type of insurance is the most basic of all. Its one and only function is to cover your life with an amount of cash which on even of your death will be given to your nominee. Here the death benefit is equal to the policy limit. This is a good way to have mental peace in the conviction that you will provide for your family even in the event of death. This is good thing to have as a stand by any day.

2.    Whole life insurance: This type of policy besides providing a fixed amount to your nominee on your death, it also gives you a financial gain over time as an investment would. The benefits you get out of this type of insurance is:

a.    pays a fixed policy amount in event of death
b.    gives you an investment amount that is free of tax
c.    protects you from rising prices – the premium is fixed for the life despite market fluctuations
d.    pays dividends as any good investment plan
e.    offers you freedom to sell the policy back at any given time you choose

3.    Variable life insurance: This type of insurance is much more flexible than the whole life insurance.  The best benefit here is the fact that it allows the policy owner to borrow against the policy maturity amount. In this way not only you are insured but you also have a very decent source of borrowing at a lower rate than the market price interest rates. The variable life insurance too offers the benefit of tax-free ash accumulation that is a great incentive for investing in insurance the world over. There is another benefit that accrues from this type of insurance, i.e. the amount that is to be paid as a benefit to the nominee of the policyholder can be varied according to the need of the beneficiary (in relation to the funds available in the account).

4.    Universal life insurance: This insurance one of the most flexible of all types of insurances. It not only covers the death, but also allows you a host of other benefits:

a.    As all insurance policies, it pays the beneficiary a pre-arranged amount of cash in the event of your death
b.    It provides a tax-free cash investment – which can accrue interest at market value
c.    It allows complete flexibility on the premium making it easy for you to keep up with your payments even in lean times
d.    At the same time this type of insurance allows amount flexibility

5.    Universal variable life insurance: This is the ultimate among all the insurance policies. It allows you complete freedom on the way you invest and recover your investment. You have full control upon your cash at all times:

a.    it pays the beneficiary a pre-arranged amount of cash in the event of your death
b.    It provides a tax-free cash investment – which can accrue interest at market value
c.    It give you total premium flexibility
d.    It allows to withdraw cash from your policy at any given time throughout your life time
e.    It allows you to borrow against the maturity amount at subsidized rates of interest
f.    It allows you to terminate the policy at any time, however, in that event your maturity amount will be reduced according to the time in question

Life insurance first and foremost role is to protect the near and dear ones in even of one’s death by providing an alternative source of income. Today, however there are a number of benefits added to the main role. Check out the latest developments and choose well. Get value for your money.

Life insurance products where intensive medical questioning and / or a medical examination is required effectively penalise you for pre-existing medical conditions, pushing up the cost of life cover. Taking a medical examination may also prove stressful, especially for the elderly who are looking for life insurance coverage later on in life.

Increasingly though, life insurance companies are offering life insurance products where no medical is required. What’s more some life companies even guarantee acceptance before you apply!

What is no medical life insurance?
No medical life insurance, to use a well-known phrase, does exactly what it says on the tin! It is a life insurance product where no medical examination is required. You may not even have to answer medical questions and yet still be guaranteed acceptance for life insurance. No medical life insurance is open to people of all ages, so whether you’re 20 or 65, no medical life insurance can give you the peace of mind that your loved ones will be financially secure in the event of your death during the term of the life insurance policy.

You may be questioning the ethics of such a life insurance scheme at this point? If you are don’t worry! No medical life insurance is all above board, and is in fact offered by some of the most well-known insurance companies in the UK. Even supermarkets like Tesco for instance now have a no medical insurance policy available for the over 60s.

The premiums on life insurance where no medical is required are competitive too. Life cover can be acquired for as little as £7 per month, with some life companies guaranteeing that the insurance premiums on no medical policies will not rise through the life of the policy. Of course, how much you pay into the life insurance policy each month will affect the final life insurance total available upon death. Generally, there are no issues involved with increasing the life insurance premiums later on of your own accord should you wish to do so.