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Life Insurance

Are you or your family members covered? Then there are plenty of reasons why you should think of taking a life insurance cover. Life insurance is a contract or an agreement between a policyholder and an insurance company. The insurer guarantees compensation of death benefits to the next of kin in case the insured passes on. The insurer promises death compensation in exchange for premium payment by the insured person.

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Characteristics of a Life Insurance

  • The contract is legally binding.
  • For the contract to be enforceable, the policy applicant must accurately disclose the correct information regarding the present and past health status and risky activities that he or she is involved in.
  • The policyholder pays timely or upfront premiums for the policy to be effective.
  • In case of the death of the insured, the beneficiaries receive a compensation payment.
  • The policy compensation payment value depends on the financial strength of the insurer.
  • A term life insurance contract expires after a certain period while a permanent life insurance contract remains binding until the insurer’s death, the surrender of the policy, or failure to pay the premiums.

What are the types of life insurance?

Life insurance is of different types designed to meet your needs and preference. They include:

  • Term Life: This insurance policy lasts for a specific period of years (10, 20, or 30 years) whereby the insured chooses his or her term.
  • Level Term: In level terms, similar premiums are paid every year.
  • Increasing Term: The premium payment increases in line with age.
  • Permanent: Permanent life insurance is a more costly policy where the contract stays in force as long as the payment of premiums is made, and the policy is not withdrawn.
  • Whole Life: This is a form of permanent life insurance in which it accumulates value.
  • Single-Premium: The premiums are paid upfront by the policyholders but not monthly, quarterly, or annually.
  • Universal Life: This is a form of permanent life with a cash value element that earns interest. The premiums are similar to term life insurance.
  • Guaranteed Universal: This is a form of universal insurance that doesn’t create cash value, and its premiums are lower than that of whole life.
  • Variable Universal: The insured person is permitted to invest in the policy’s cash value.
  • Indexed Universal: It’s a universal type of life insurance that lets the insured person earn a fixed return rate on the cash value element.
  • Burial/Final Expense: This is an insurance policy where the beneficiary is paid a small death compensation. The beneficiaries can use the benefits in the manner of their choice regardless of the insurance type name.
  • Guaranteed Issue: It is permanent life insurance that is issued to people with existing health conditions that make them uninsurable. Unless of accidental death, this form of insurance only pays after two years of issuing an insurance policy.

Who should purchase a life insurance policy?

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Life Insurance facilitates financial care for the beneficiaries in case the policyholder passes on. The following are some of the categories of persons who may require life insurance:

Parents with under Age children: If a dependent parent passes on, his or her children may face hardships in acquiring their primary needs. Life Insurance helps in providing resources required by children to meet their basic needs until they are independent.

  • Parents with Disabled Adult Children: Life insurance can make sure that persons with special needs who require lifelong care are compensated, and their needs are taken care of in the events of the death of their dependent parent.
  • Married Pensioners: Pensioners may opt to accept their full pension and use some of the funds to purchase life insurance to benefit their partner. This process is referred to as pension maximization.
  • Elderly Parents: Elderly parents may purchase the life insurance cover to compensate their children or guardians who sacrifice their time to take care of them after their death.
  • Adults Who Jointly Own Properties: Whether married or not, people who own properties together may consider life insurance to avoid specific financial crises such as default in loan repayment in case of a partner’s death.
  • Businesses with Important Employees: Businesses or organizations with a vital employee such a C.E.O may opt for life insurance to avoid crises that may occur due to their death.
  • Families that May Face Difficulties in Raising Funeral/Burial Expenses: A lesser life insurance policy can offer funds to honor the burial expenses of a loved one.

One of the main challenging factors of life is that it is uncertain. Life insurance, therefore, creates the need to plan for the people you care about. Life insurance is one of the significant ways to guarantee your beneficiary’s financial stability in case of the occurrence of any unforeseen circumstances such as death. It is tailored to meet specific preferences and needs, as seen above.

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