Its your responsibility to think about those who loved you and those loved by you.Life insurance helps to provide financial stability and security to your family when they need the most.
[dropcap]L[/dropcap]ife Insurance is a contract between customer and a company, to pay a sum of money on the death of insured person(who hold the insurance policy).The insured person pays the installment either regularly or as a lump sum,defined by the policy of company. This insurance is useful for your family members who are dependent on you financially.This money can be used for your funeral expenses,to return your debt,to fund your children education and many more.
Types Of Life Insurance
There are two types of life insurance.
- Term Life Insurance.
- Whole Life Insurance.
Term Life Insurance has no investment component.It provides affordable coverage for a set period of time typically 25 to 30 years.You’re buying life coverage that remains for a specific period of time provided you pay the monthly premium. Annual-renewable term is purchased annually, although you don’t have to re-qualify by showing evidence of good health each year.
Whole Life Insurance is same as term life insurance but you have to purchase the policy to recover your whole life not just a specific period of time.Premiums remain level throughout the life of the policy, and the company invests at least a portion of your premiums.Many companies also have Universal,Variable Universal,Survivor ship life insurance.
Many people finds that combination of these two types is useful to fulfill their goals.