Life Insurance Terms in the USA
Life insurance is a product that provides financial security against unexpected situations that you may encounter in your life. By getting life insurance, you can protect yourself and your loved ones against risks such as death, disability and illness. Life insurance terms in the US may vary depending on the insurance companies, products, and coverage you choose. In this article, we will share some general information for those who want to take out life insurance in the USA.
Types of Life Insurance in the USA
Types of life insurance in the United States are broadly divided into two categories: term life insurance and perpetual life insurance.
Term life insurance is a product that is valid for a certain period of time and pays compensation to your beneficiaries in the event of your death within this period. The advantage of term life insurance is that its premiums are lower. The disadvantage is that if the period expires, the policy must be renewed or switched to another product.
Permanent life insurance is a product that is valid for life and pays compensation to your beneficiaries in the event of your death. The advantage of permanent life insurance is that the policy does not expire and there is a savings account for some products. The downside is that the premiums are higher.
Permanent life insurance is also divided into different types. These:
- Full Life Insurance: It is a product that pays fixed premium and fixed indemnity. There is also a savings account linked to the policy.
- Genel Hayat Sigortası: Esnek prim ve esnek tazminat ödeyen bir üründür. Poliçeye bağlı bir tasarruf hesabı da bulunmaktadır.
- Değişken Hayat Sigortası: Esnek prim ve değişken tazminat ödeyen bir üründür. Poliçeye bağlı bir tasarruf hesabı da bulunmaktadır ancak bu hesapta yatırım riski bulunmaktadır.
- Endeksli Genel Hayat Sigortası: Esnek prim ve esnek tazminat ödeyen bir üründür. Ayrıca poliçeye bağlı bir tasarruf hesabı vardır, ancak bu hesap belirli bir endekse bağlı getiri sağlar.
ABD'de Hayat Sigortası Primleri
Life insurance premiums in the United States are determined by factors such as age, gender, health status, occupation, smoking, amount and duration of coverage chosen. In general, premiums increase as age progresses, gender is male, health is poor, occupation is risky, smoking, and coverage amount and duration are high.
Life insurance premiums in the US also provide tax benefits.