Life insurance may be one of the most important purchases one ever makes. In the event of a tragedy, life insurance proceeds can help pay the bills, continue family business, finance future needs like children’s education, protect your spouse's retirement plans, and much more
Life insurance protects your family in case of your death by providing funds to pay outstanding debts - including medical bills and taxes - as well to cover income loss. Your need for life insurance can change over a lifetime. At any age, you should consider your individual circumstances and the standard of living you wish to maintain for your dependents. In most cases, you need life insurance only if someone depends on you for supportife assurance is more of a flexible friend than you may think. It all depends on your needs
Term Life Insurance
Term insurance is usually a cheaper way of providing protection for your dependants should you die, with the monthly payments generally being a lot lower.
The policy guarantees to pay out a set amount if you die within a stated period of time (the 'term'), but doesn't pay out anything if you survive the term. The term could be, for example, the number of years left on your mortgage or the numbers of years until your children are financially independent.
Term insurance is sometimes called 'protection only' insurance
Whole Life Policies
A type of life insurance contract that provides for insurance coverage of the contract holder for his/her entire life. Unlike term life insurance, which covers the contract holder until a specified age limit, a traditional whole life policy never runs out. Upon the inevitable death of the contract holder, the insurance payout is made to the contract's beneficiaries.
Critical Illness
During the entire term of the cover, if you meet Insurers definition of one of a range of critical illnesses or Total Permanent Disability, the cover will pay out tax free lump sum.. It will also pay out if you are diagnosed as terminally ill at any time before the last 12 months of the cover. This means that, depending on the type of payment you have chosen, either a lump sum or an income will be paid out in these circumstances. This will help lessen the financial burden to you and your family. It can also help towards any medical bills you may incur. Insurer’s offers cover for a wide range of critical illness conditions. Its definitions meet, and in some cases exceed, the model definitions set out by the Association of British Insurers
Investment
A portion of the money you pay in premiums is invested in a fund that earns interest on a tax-deferred basis. Over time, your policy will accumulate a "cash value" that you can use during your lifetime. For instance, you can borrow against the value of your policy. Moreover, you can design a Permanent Life contract that will accumulate enough cash so as to be "paid up" by a certain age (e.g., "Paid Up at Age 65"). The premium you pay to keep a contract in force is based on the type of life insurance you buy, the amount you buy and your chance of death while the policy is in effect.
Endowment
Insurance is one type of permanent life insurance. It is designed to pay out the death benefit when the insured dies during the term of the policy or survives at the end of the policy term. It combines insurance protection with a savings plan for the policy-owner. Endowment Policies usually have a fixed maturity date. Typical maturities are ten, fifteen, twenty years up to a certain age limit.
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