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Just like every other financial product, life insurance comes in a wide variety of plans with varying features to meet the needs of all customers. Here, are some of the popular types of life insurance plans:
Term insurance is basically a life insurance policy which provides coverage for a certain period of time or years. If the insured passes away during this defined period, then the payable amount is paid to the family member (nominee) of the insured.
A term insurance is a pure life insurance that provides no cash value and pure financial protection the beneficiaries. Term plans are cheaper when compared to the whole life insurance plans. The best term insurance plans depend on various factors and your requirement. You can choose the right term insurance plan that is best for you by comparing multiple plans, their features and benefits. Before buying a term insurance plan, look for the following features.
Life insurance is needed as it offers financial protection to individuals who are dependent on the policy holder after his/her death.
Whole life insurance policy provides cover until the death of the insured. It can be even started after you turn 40. Though the initial premium may be higher, it is constant till the end of the policy, hence providing a cash value as you grow old.
The compensation provided by the insurance company is much larger than you had invested. A life insurance becomes a good support to you post your retirement as you do not have to depend on any one for monetary help.
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