Types of Life Insurance
Choosing the right type of life insurance depends on your individual circumstances and financial goals. Life insurance policies are designed to pay a death benefit when someone dies, but there are usually two basic categories of policies to meet your different needs - term and permanent.
- Term life insurance in general, provides death benefit protection for a specific period of time.
- Permanent life insurance offers lifetime death benefit protection with a cash value component. This can mean lifetime peace of mind for you and your family. Different types of permanent life insurance are usually categorized as follows:
Each of the above product categories also offers a corresponding survivorship product that covers you and one other person (such as your spouse or business partner) making it a cost-effective alternative to purchasing two individual life insurance policies.
In addition, adding a long-term care rider to a permanent life insurance product can help protect your family, your hard-earned assets, and your future from the high costs of long-term care. There are additional costs associated with such a rider, and benefits are subject to exclusions and limitations.
Variable insurance contracts are offered through John Hancock Distributors LLC through other broker/dealers that have a selling agreement with John Hancock Distributors LLC, 197 Clarendon Street, Boston, MA 02116.