Why is life insurance important? Is what you should consider? Have you considered the financial situation of your family or your security when you're retired? How do you deal with them, or yourself? Before entering Whys of life, here is a brief overview: Types of Insurance There are four types of insurance: life, fire, marine insurance and miscellaneous. Life insurance is treated separately, while Fire, Marine and Miscellaneous insurance all fall under the umbrella of general insurance.
What is Life Insurance?
Life insurance is a policy that can be purchased life insurance company, which allows beneficiaries to economic policy after the owner dies. It 'an agreement between the policy owner (you) and the insurance (life assurance company), which claims to pay a sum of money if the insured's death or terminal illness or severe. Specific exceptions are often written agreement to limit the insurer of liability, for example, claims related to suicide, fraud, and war. Fees or commissions of your life to decide the nature and type of coverage you get in life insurance plan. Life insurance can be a form of savings in the long term, which will discuss shortly, or can be connected with the pension system. Life insurance can provide security, protect your home loans, and to facilitate other savings for retirement.
Term Insurance
Term care insurance, as the name implies, is a time and is the lowest possible premium for all insurance plans. You can select how long you want coverage, up to 35 years. The payments are fixed and not increase during the period. In case of premature death, the load may benefit amount as defined in the contract term life insurance. Term life insurance can be customized with the addition of pilots, as the prize of child neglect or accidental death.
Endowment Insurance
Insurance is a capital good, if a short career path, and we hope to benefit from the plan (the original amount and the accumulated bonus) of your life. allocation plans are especially useful when you retire, the purchase of annuity policies received a sum of money, which produces a monthly pension from the end of your life.
Whole Life Insurance
Life insurance has no date set for the end of this policy, the death benefit exists and is paid to the designated beneficiary. The policyholder is not entitled to the money during his own life, ie, there is no survival. This plan is ideal for leaving an estate. main advantages whole life insurance is death insurance, guaranteed cash value, and fixed and known annual premiums.
Money-Back Plan The repayment plan, you get a regular share of the sum insured during the life of the policy. repayment plans are ideal for those looking for a product that offers both - the insurance and savings. It creates long-term savings opportunities, within a reasonable return, especially when victory is considered exempt, except in certain situations.
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