Vivinavi

Five Types of Life Insurance in the U.S.

I know that life insurance can be confusing for some of you.
"I hear rumors that the US has a better insurance program than Japan ！"
In this page, we will explain the five types of life insurance in the US as follows.
In case you are wondering, not good or bad, it is said that only 1. Term Insurance&2. Whole Life Insurance is offered in Japan out of the following 5 types of insurance. \I am a Hawaii State Life&Health Insurance License holder, so please understand that I will not compare the Japanese License with the Japanese one.

The 5 Types of Life Insurance in the U.S. are
1. Term, 2. Whole Life Insurance, 3. Universal Life Insurance, 4. Whole Life Insurance, 3. Universal Life Insurance, 4. Variable Universal Life Insurance, 5. Index Universal Life Insurance.

1. Term Insurance : As you know, this is a life insurance for a certain period of time. The monthly premium is low, but it is only a death benefit and does not accumulate. And once the policy is over, if you want to re-subscribe, the premiums will go up dramatically as you get older, depending on your age.

2. Whole Life Insurance : This is an accumulation type life insurance policy for life. The annual interest rate is about 4% (depending on the economic situation) on the premiums you have accumulated. \The monthly premium is a fixed amount. The monthly premium is a fixed amount. Usually, this type of insurance has the highest premium.

3. Universal Life Insurance : This is an accumulation type life insurance for life. It pays an annual interest rate of about 5-7% on the amount accumulated. \The monthly premium is fixed and varies depending on your financial situation. \The monthly premium is not fixed, but you can choose a minimum to maximum premium amount depending on your personal financial situation.

4. Variable Universal Life Insurance : This is a life savings type life insurance policy. The accumulated amount is transferred to another account and put into a so-called Mutual Fund. Therefore, it is an investment type insurance, and the amount of savings may go up or down depending on the market's performance. The monthly deposit is not a fixed amount, but can be paid flexibly between minimum and maximum.

5. Index Universal Life Insurance : This is a life insurance policy with a life time savings plan. The interest rate varies according to the Market Index (e.g. S&P 500), but ranges from about 1% to 12.5% per annum.

＊ ＊ Some Hawaii residents who do not have U.S. citizenship or permanent residence may be eligible for Hawaii state insurance. Some people may be eligible to purchase a U.S. annuity or long-term care insurance while living in Hawaii.