Many People are in Confusion regarding what kinds of Insurance are there in Market ?? which one is Better ?? which one to choose ?? is life insurance Benificial ? should they go for it or not ??
we hope after reading this article you get the ideas regarding your doubts related to #Insurance
There are two kinds of life insurance policy they are as follow
1) term insurance
2) the whole life insurance.
The whole life insurance is also sometime termed as the permanent coverage.
You should choose wisely after reading the article which one is Benificial for you and your Family.
Lets know about Both the Insurance in Details
term insurance plans or term policy is life insurance that provided by insurance companies coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
Here are The Benefits you get from Term Life insurance
* Greak for short term needs
* Can be convert to a permanent policy
* Provides level insurance coverage for a limited period only
* Affordable and simple premiums and features
* Flexible and easy to understand
* Easy to buy
* Low fixed monthly premium
* Can cover mortgage and children’s college education
what is life insurance
Whole life insurance, life insurance plans , is a life insurance policy which provided by insurance companies is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date.Premiums are fixed, based on the age of issue, and usually do not increase with age. Normally you pay premiums until death, except for limited pay policies, which may be paid-up in 10 years, 20 years, or at age 65. Also, sometimes called “straight life,” or “ordinary life.” Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies.
Here are The Benefits you get from the whole life insurance
* Risk Cover
* Planning for life stage needs
* Protection against rising health expenses
* Builds the habit of thrift
* Safe and profitable long-term investment
* Assured income through annuities
* Growth through dividends
* Facility of loans without affecting the policy benefits
* Mortgage Redemption
So after getting in all the Details we hope you have got all your answer related to types of insurance and got the Ideas to choose which one would be the Best for you to choose.