With all of the talk of the upcoming "green" movement and the increased awareness of people who choose to go "green" I thought it would be helpful to discuss what hybrid life insurance policy means. As with any other type of insurance you pay a premium every month to insure against loss of life, but you can tailor that policy to your specific needs. In most states a hybrid life insurance policy is considered a hybrid policy, meaning that it combines aspects of other policies.
Most insurance policies limit the amount of death benefit you can have. In general, the more you pay for a policy, the more money your beneficiaries will get at the end of the policy. That is not always the case however. If you find you are in the position where you need the policy but you do not want to put as much money into it as you would a traditional policy, you may want to consider decreasing the death benefit. It is actually possible to drop the death benefit on your policy, but doing so could also reduce the amount of money you would have received at the end of the policy year.
Hybrid life insurance policies often have both a cash value and a life insurance component. The cash value pays off the death benefit of the policy, while the life insurance portion pays the amount of the cash value. In this way, a combination of the two premiums can be used to fulfill the purpose of the policy. In most cases you should use the cash value of the policy over the life of the policy, but if it is required to replace the death benefit completely you may want to decrease the cash value to reduce the impact on your pocketbook.
When selecting the type of life insurance policy that combines aspects of other policies consider how the different products will play off of each other. Look for a product that offers flexibility, such as an increasing death benefit. Also look for a product that offers maximum flexibility; that is, if a change in the circumstances of the insured occurs, the insurer has the option to cancel or change the terms of the life insurance policy without penalty or increased premium obligations. Finally, look for a company that provides an automatic premium increase whenever a specified age is reached, which provides additional protection for the life insurance policy.
Hybrid insurance policies are perfect for many people who purchase their coverage from various sources. For instance, you may purchase the policy from your life insurance company and then purchase a Term life insurance policy from your car insurance company. You would essentially be buying two separate policies from two separate companies. However, if you only use your insurance company for the cash value portion of your premium, you only pay one premium to two separate companies. This is also very convenient if you have several vehicles or other assets that you want to insure. Instead of paying premiums individually for each policy, you will only be required to pay the excess of one premium. Your duty is to contact the the Paradigm Life company who relate well with all that appoint them.
Hybrid insurance products are highly useful for married individuals, as well as people who have other policies with different providers. They work just as well, if not better, than conventional life insurance policies, as they provide all of the same protection and benefits. The major advantage that they offer over conventional life insurance policies is the fact that they are more flexible and comprehensive than conventional policies. A hybrid life insurance policy will often be the best option for a particular individual or family's needs. Check out this related post: https://en.wikipedia.org/wiki/Life_insurance to get more enlightened on the topic.