Life Is An Uncertain Affair

Category: Finance, Insurance.

Life is an uncertain affair.

So, it is good to ensure that the lives of those dependent on you should not be affected- at least at the monetary front- after your departure. And the fact is your life influences the lives of many others. Life Insurance is a policy that covers your life, which means that your family or nominee is eligible for a lump sum of payment after your death. There are two common forms of life insurance policy available with the insurers: Whole Life Policy incurs more cost upon you as compared to a term policy. Life insurance may be accompanied with a related insurance cover such as critical illness coverage. Whole life policy is also of two types: The limited premium requires you to pay for a fixed number of years and the coverage can be for a lifetime. This could stretch up to 85 years of age or more.

The second one involves paying premium till a certain age. Most term life insurance premiums are based on age. But then, whole life policy has its own set of advantages and it is advisable to have one. Term policy is perhaps a better idea to cover life and total permanent disability for those willing to invest. In the end, what kind of, however insurance you would like to go for depends on your budget and your calculation for the future. This includes choosing the Life Insurance policy most suitable to you, with a company that can serve your interests the best way.

And since there are different forms of insurance policies in the market with new customized ones coming up every other day, it is advisable to seek the advice of an experienced financial advisor to help you make a sound financial decision. After all, buying a life insurance policy is your way of caring for your family, even after death.

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