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Minnesota Life insurance Latest Version
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Ordinary Life ✔✔Several types of individual life ins
Temporary term
permanent whole
universal, variable other interest sensitive plans
Term life insurance ✔✔provides only a death benefit within a specified period of time
whole life ✔✔provides death and living benefits
Industrial Life encompasses home service insurance. Home service life insurance is ✔✔Home service life insurance is issued in very small face amounts, such as $1,000 to $5,000. The premiums are paid weekly or monthly.
Group Life insurance ✔✔Written for members of a group, such as: An employer-employee group, Association, Union or Creditor-debtor group. Coverage is provided to the members of the group under one master contract. The group is underwritten as a whole, not on each individual member.
Term insurance ✔✔provides a death benefit only if the insured dies within the policy period.
Term insurance ✔✔appropriate for a person wanting to insure a short-term or long-term debt, such as a car loan or mortgage, respectively.
Term insurance ✔✔appropriate for young families or young professionals who require a large amount of coverage, but cannot afford the larger premiums of permanent insurance until later on when their financials are more established.
Level term ins ✔✔Annual renewable term and
Level premium term.
Annual renewable term ✔✔yearly renewable term (YRT) provides a level face amount with an increasing premium. it is guaranteed renewable annually without proof of insurability and usually has a maximum age at which the policy is no longer renewable.
Decreasing term ins ✔✔mortgage protection to pay off the mortgage in the event that the debt is outstanding when the insured dies.
Increasing term ✔✔provides an increasing face amount with level premiums. The increase occurs at certain intervals over the policy period. This insurance is not as common as other types of term insurance
Increasing term ✔✔Rising Death Benefit
Reentry term ins ✔✔sometimes referred to as reissue, permits the policyowner to renew a term life policy at the end of the policy period by providing evidence of insurability, so the insured can obtain a lower premium than the renewal premium that is offered without evidence of insurability.
Indeterminate Premium Term ✔✔premium policies have premiums that fluctuate between the current rate and maximum rate, as stated in the policy. The fluctuating premiums account for the insurer's actual mortality expense and investment experience. Premiums are typically lower in the early policy years.
Interim Term ✔✔provides instantaneous coverage and is intended for people who plan on purchasing permanent life insurance coverage within a year.
Return of Premium (ROP) Term Policy ✔✔premiums are generally higher than a conventional term policy. The longer the term, the lower the premium. Premiums are returned to the insured if no death benefit has been paid and are not taxable.
