Life Insurance

Life Insurance Policies

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About Life Insurance 

Life insurance is a form protection that one should seriously consider as an important component of one’s financial and family planning. It can prepare both you and your family for the most devastating of events, the loss of a breadwinner.

 

What is it for?

Life insurance is engineered to provide financial assistance in the event of a policyholder’s death. The payout can be used by the survivors for such things as funeral costs, left-over debt, and for proper estate planning. The policyholder generally pays a monthly premium and, in return, the insurance provider pays a specified amount when the policy is put into effect. The individual to whom the money is awarded is known as “the beneficiary.” This beneficiary can in turn choose how the money is put to use. The benefits may also be designated towards a trust, which can then be paid out as per the agreed-upon terms of those in the trust. The responsibilities of the insurance company are explained in the policy details.

Types of policies

There are a few different types of policies that are made available. Whole life is often considered the most helpful type of this insurance. Policyholders pay a premium amount that is determined from a battery of health questions and the amount of coverage that is desired. If one pays his or her premiums on time, the policy remains in effect and everything remains intact. Term insurance, on the other hand, is a popular lower-cost option that provides similar coverage but for only a set period of time. For instance, should you have a 15-year term insurance policy, you will be under the policy’s protection for 15 years. However, after the expiration of the term, one must purchase new coverage. Universal life offers the similar coverage as whole life, but there is also the option of investing a portion of the premium. This potentially can increase the benefit amount more quickly should the investment strategy work out well. Policies (other than term types) also can offer the flexibility of borrowing against the accumulated policy value.


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