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What You Should Know About Life Insurance Policy
Types Of Life Insurance PolicyThere are two basic type of Life Insurance; we have the Term Insurance and Whole Life Insurance. Either of which will be the best for you depending on your situation. We will now briefly explain the meaning of both to you so you can get an idea of how both of them differ.
Term Insurance Policy
Term Insurance basically does just what you need insurance for; it covers your death benefit but only for a specified time as agreed in the contract. It may be for a short time or for as long as 20/30 years. This type of insurance does not have an investment component. This means you can only be sure your death benefit will be paid to the nominee during the time the insurance covers you.
Whole Life Insurance Policy
Like the name implies, this policies covers you for your whole life time. Part of the premium you pay goes into and investment and the rest goes to contribute to your guaranteed death benefit which will be given to the nominee you name. This is a more comprehensive plan than Term Insurance although it may cost significantly higher premium.
Who Should Have a Life Insurance Policy?Before you invest your hard earned money on an insurance policy, you need to decide if you even need it at all. Although the vast majority of people need a life Insurance Policy, few of us do not really need it. Because we are not only interested in making profits, we have provided a list of people who actually need Life Insurance so you don’t waste your money.
Do you Have Dependants?
The point of owning a Life Insurance policy is to make sure that your dependants are well taken care of when you pass away. If you have kids, junior ones or a partner who looks up to you for money, then you might need a life insurance. This is why it may not be necessary for children to own a Life Insurance policy.
Do you have large Debt?
Even if your family can survive without your income, you probably don’t want them to have to deal with your debt if you were to pass on early. If you have huge mortgage or estate that might become a financial burden in the event of your death then you might want to get a life insurance against the value of such dept.