Life Insurance

Top 5 Insurance Industry Secrets

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Insurance is many things, but straightforward isn't exactly one of them. Learning what matters most to insurers can help policyholders pinpoint ways to lower their premiums or get more claims covered. To get the most out of your policy, here are five insurance industry secrets worth knowing:
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Spilling the Insurance Beans

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Personal finance expert Dan Solin tells you 10 secret things about the insurance business that nobody else will tell you, such as the fact that your insurance agent does not have to act in your best interest. If you've got insurance, you need to read this list.
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Universal Life Insurance

The first type of permanent life insurance that we look at is universal life insurance. Universal life insurance is also called adjustable life insurance. Remember that, with permanent life insurance, some of your premium is invested. Features of universal life include:
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Policy Riders

A policy rider is a provision or modification to an existing insurance policy that provides additional coverage to an insurance policy. Generally, policy riders are sold separately from insurance policies.
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Variable Life Insurance

Variable life insurance is similar to universal life insurance. As the cash value of your policy accumulates, you can modify your policy's death benefit.
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How Term Life Works

Term life insurance policies are sold for a specific number of years. Ten- and 20-year terms are the most common. The "term" in term insurance means the following:
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Estimating Coverage Needs

Life insurance provides payments to your beneficiaries that replaces some or all of your income if you die during the coverage period. These payments make up what is called a death benefit.
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