Life insurance is offered as term or permanent policy to individuals or groups. It has different sets of rules for both types and varies from company to company. In addition to it there are several other products that relate to life insurance policy.

Riders

These are the insurance policy modifications in which some additional features are placed in the policy at the time of purchase. A common insurance rider is accidental death. In this additional feature, if accidental death occurs then the face value of the insurance is doubled and paid to the beneficiaries. It works just like as if both the accidental death and full coverage policies are working together. Other common types of the rider additions are the premium waver. In this rider if the policy holder becomes disabled and cannot earn anymore then his premiums are waived off.

Joint life

Joint life insurance is offered as permanent or as a term policy to more than two or more people. The proceeds are paid right after the death of one of the insured people.

Survivorship life

This policy is a whole life policy that covers two or more people and the proceeds of it are paid after the death of the second or later person.

Single premium whole life

The single premium whole life insurance policy only requires the policyholder to pay one premium at the time of policy issuance.

Modified whole life

In this insurance policy, for a specified time period the premiums charged are very low and after that they are raised and the policy works like normal whole life policy.

Group life insurance

In group insurance policy a number of people are covered under the same terms. These insurance policies are usually for the employees or the members of union or organizations. The underwriter just looks at the turnover and size of the group and no insurability proof is taken into account. If a member wants to leave then that person can get the policy shifted t individual insurance from the same insurance company. The insurance companies are smart and now they have also started to target the niche market comprising of seniors. The policies offered are all tailored to meet the needs of the seniors. The premium is also low for the whole life insurance coverage and the incentive is that a senior can also buy insurance. The proceeds of the insurance can be used for helping the beneficiaries or paying for all the death ceremony expenses.

Preneed

These insurance policies, also known as prepaid or preneed policies are offered to all age groups, but usually to the seniors. This type of insurance pays for the funeral expenses that may be hard for a family to bear. Some seniors also sign a pre-funded funeral when they sign the insurance policy. The benefits from the policy at the death are given to the funeral home so that they can make all the necessary arrangements