Besides these four basic types of life insurance, you can also buy optional policies and riders. When the first spouse dies, the surviving spouse will receive the death benefit. Death benefits are paid after both spouses die to help cover estate taxes. Whole Life with Family Rider combines the advantages of Whole Life and Term Life. If a spouse dies, the surviving spouse gets a lump sum death benefit from the Whole Life portion and a monthly income for a specified time from the Term Life portion.
Life insurance can adapt to most lifestyles and financial conditions.
Accelerated death benefit. Killed In Action benefit. If you're killed in hostile action while on active duty, this benefit pays an amount in addition to your policy benefit. Double Indemnity or Accidental Death benefit. If you're killed in an accident, your loved ones will collect double your death benefit.