Life insurance policy is a contract between insurance company between and policyholder. Policyholders agree to make premium payments to the company, and the company agrees to pay your beneficiaries a sum of money if you die. All life policies have a minimum of 4 parts: a premium, death benefit, term period, or cash value.
Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It's important to note that death benefits from all types of life insurance are generally income tax-free. It is intended to replace lost income and pay for any additional expenses that are experienced by those left behind when a family member who contributes income or services to a household is lost. It can also be used for final expenses like medical bills or funeral costs that survivors would have to pay when a death occurs. Life insurance is an important part of financial planning for families and individuals.
Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years. Typically, premiums are level and guaranteed for that time. After that period, policies may offer continued coverage, usually at a substantially higher premium rate. Term life insurance is generally a less costly option than permanent life insurance.
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Purpose of life insurance is to maintain the financial security and well-being of one’s family. life insurance can also be used for the following reasons:
Life Insurance comes with following plans
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