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Family Life Insurance Policy

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 Family Life Insurance Policy
Family Life Insurance Policy

What to Know Regarding Family Life Insurance Policy

Understanding insurance plan is important. You should know that every individual's life insurance plan differs, mostly depending upon factors such as age, health, income, wealth or assets, retirement plan etc. Family life insurance is usually, for those who're in possession of significant amount of assets that they want to safeguard for their family or for next generation.

But that doesn't mean others cannot have family life insurance. People get family life insurance to safeguard their financial independence in scenario policyholder gets gravely sick or enters a nursing home etc.

Below are Mentioned Some Family Life Insurance Options

Family life insurance revolves around three main factors: cost, coverage and benefits. Here's a look at policy options available to US nationals:

  • Term
  • The most affordable plan, pays only when death of the policyholder occurs within the insurance term. Also, companies' charges lower premiums if you've bought this plan for younger family member(s).

  • Whole
  • This type of cover offers families higher rates early on, when risk of death is low and lower rates later when risk of death increases. The premium is set for the duration of the plan; it's also more affordable option with cash value.

  • Universal
  • combines the benefits of term and whole life insurance and allows policyholder to borrow against cash reserves that accumulate over the time. Also, provider usually allows policyholders to vary coverage and premiums from one year to next.

  • Permanent
  • This type of policy charges higher premiums but provides policyholders lasting option as the plan's terms doesn't expire after certain period of time. However, you should know that if your provider reinvests your profits, you get dividends that aren't taxed, unless you use cash value.

  • Variable
  • The plan is almost similar to investment plan as it gives higher returns on your investments. But the cash value of your policy depends largely on market performance at any given point as your provider reinvests your profits in stocks and bonds.

  • Single Premium
  • If you have significant liquid assets then you've the option to purchase family life insurance by paying single premium amount. This type of arrangement definitely will be costlier but it'll provide you with good security. Amazing option if you're planning to give insurance as gift to a family member. The best part, ZERO RISK of cancellation due to non payment. You can think of it as a nest egg during happy times that serves as contingency fund for future if family needs financial security.

  • Survivorship
  • Provides cover for two family members in one plan. The remaining member gets no benefits if one policyholder dies but policy pays out when both members dies. It's kind of policy that's good for families, especially parents, who want to secure their children's/dependent's future.

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Family Life Insurance Policy


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