One additional method that can reduce the cost of healthcare coverage is a health maintenance organization. The money is paid to one or more beneficiaries. A beneficiary is a person or organization named in a life insurance policy as a recipient of the proceeds of that policy on the death of the insured. For a particular dollar amount of life insurance, premiums depend primarily on the age of the insured and on the type of insurance. The older a person is, the higher the premium.
Insurers offer several different types of life insurance for customers with varying insurance needs.
Term Life Insurance. Term life insurance provides protection to beneficiaries for a stated period of time. Because term life insurance provides no other benefits, it is the least expensive form of life insurance. Most term life insurance policies are in force for a period of one year. Whole Life Insurance.