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There are three main types of life insurance: term, whole, and universal life. They differ in the costs of their monthly premiums, the cash value available, and the time period of coverage.
Term Life. Term life insurance policies are designed to cover a certain period of time, such as 10, 20, or 30 years. Those who only want coverage for a certain length of time to ensure specific bills are paid off, such as student debts or a mortgage, may find this to be a useful policy. You can purchase multiple term life insurance policies for different time periods as needed.
Whole Life. Whole life insurance policies cover the insured until they pass away. As long as the policy is active, meaning the premiums are paid regularly, beneficiaries will receive the death benefit after the policyholder dies. In some states, you can purchase joint whole life insurance coverage, which financially aids the surviving partner.
Universal Life. Universal life insurance policies are a type of whole life insurance policy that accrues cash value. Excess premium payments can be credited to the policy’s cash value, which can be used in the policyholder’s lifetime.
Life insurance offers protection in the form of a financial payment to your beneficiaries. When you pass away, the beneficiaries named on the policy can make a claim to your insurance company, and they will receive compensation in a lump sum benefit as paid for by the insurer.
The amount of life insurance you need depends on your circumstances. Every family is different, as are their insurance needs. You will want enough life insurance to cover possible debts and bills you may have leftover, as well as coverage for funeral expenses.
The cost of your life insurance policy will vary based on the type of policy you choose, your age, your medical history, and your gender.
Buying life insurance helps to ease the financial burden on your family or loved ones. For instance, if an insured person passes away while their life insurance policy is active, their beneficiaries can make a claim and receive the lump sum benefit.
If you have people who are financially dependent on you, such as children, parents, or a partner, buying life insurance is essential. It can make a death financially easier on your loved ones and provides support to help them overcome the difficulties they may face.
The death benefit can help with funeral expenses, burial costs, shared mortgages, left behind debt, and other expenses loved ones could be left with. Life insurance could help your loved ones to grieve without worrying about extra expenses or financial burden
It’s recommended that you purchase a life insurance policy young, as young adults and middle-aged people tend to have more debt and responsibility than seniors. If you haven’t paid off student loans by the time you start a family, for example, you may want a life insurance policy to protect your family from the burden of your student loans.
When considering buying life insurance, you need to decide which type of policy is best for your individual needs and those of your family. You’re purchasing coverage for your family and loved ones in case something happens to you. For guidance, contact the life insurance experts at Malhotra & Assoc. Insurance.
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