The use of the word ‘non-traditional’ should not be misleading in the sense that these life insurance types might be rare. The following forms of life insurance are used today by millions of Americans. They are non-traditional because they are not bound by traditional methods of underwriting; because they are marketed to a specific category of people; because most are newer plans; or because they are not sold as common forms of individual term life insurance, whole life insurance, or universal life insurance.
Employer-Sponsored Group Term vs. Individual Term Life is listed under this category in the Sitemap. Although ownership in group life insurance policies has now exceeded that of individual life insurance plans, employer-sponsored group term insurance is underwritten in a non-traditional manner and marketed to a select group of people.
- LINKS TO NON–TRADITIONAL LIFE INSURANCE TYPES:
- No–Exam Life Insurance – These plans have few or no health questions. They often have limitations on the insured’s age and the maximum amount of coverage. They are usually issued at standard or substandard rates. They include both simplified and guaranteed issued plans.
- Guaranteed Issue Life Insurance – These are no-exam life insurance plans have no health questions. They are usually offered by large groups or associations. They do have certain limitations.
- Graded Benefit Life Insurance – These are no-exam plans which will only reimburse premiums with interest if the insured dies within the first two years. After two years the death benefit is ‘graded’ or steps up to the full face amount.
- High Risk Life Insurance – This article discusses certain things that cause proposed insureds to be rated in high risk categories. Additionally, the article offers options for those that may be high risk insureds.
- Smokers Life Insurance – This article examines the cost associated with buying life insurance as a smoker. It addresses various ratings and options for individual who use nicotine and want to buy life insurance.
- Child-to-Adult Plans – This article addresses the three most popular ways to buy individual child to adult plans. The concept of these plans or riders is to provide coverage for a child that will provide for their needs when they become an adult.
- Employer-Sponsored Group Term vs. Individual Term Life – This article was provided to give a comparison of non-traditional employer-sponsored group term life insurance versus individual term life insurance.
|Before buying a life insurance policy, the buyer should have an idea of the various types of life insurance plans that are designed to meet their desired goals.|
- FOR MORE INFORMATION (see the following articles):
What policy should I buy? – This link may help you decide which is the best life insurance product for you.