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Which Type of Life Insurance should You Choose

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 Which Type of Life Insurance should You Choose
Which Type of Life Insurance should You Choose

Which Type of Life Insurance should You Choose

You can not know your future with complete accuracy. If you have family members depending on you, naturally you would be concerned about their well being if something unfortunate should happen to you. Hence the most sensible thing for you is to be prepared for such a situation by insuring your life against death. By buying a life insurance policy you can make sure that even if you are not there, your dear ones donít have to go through financial crisis.

When it comes to life insurance, it sure is a confusing world. There are thousands of insurance companies with many different types of policies. Each policy comes with its positive and negative features. It is very important that you spend enough time considering the various tenets of the policies, the benefits, the limitations, the prices and other details and compare them. Then you can get a clear idea about the policy that suits you best purpose wise and budget wise.

Depending on the tenure of the policy, life insurance can be either Ė

  • Term life insurance
  • Permanent life insurance

The major points of comparison between these two are Ė

  • The first type of insurance policies run for a pre-determined period and gets terminated after that. The second type remains active throughout the life of the policy holder.
  • The term policies are less expensive than permanent ones. This is because the insurance company has to take greater risks to cover the individual throughout his life until death.
  • Under a term policy, the insurance company will pay the benefits of death to the insured only if he dies within the specified term of the policy. If you have permanent life insurance, the insurance company will have to give the total sum of the policy to your beneficiaries after your death. Your dear ones can get the benefits irrespective of the time of your death.
  • Policieswhich run for a fixed term can be used to provide financial protection only during the crucial period when financial resources are needed most. Permanent policies for life provide protection throughout your entire life time.
  • Even though term life policies have the option of being renewed, a new appraisal will be done of your health and premiums will change after every renewal. On the other hand, you can get reasonable premiums if you get a permanent life policy at an age when you are healthy.

If you think you need life insurance for more than thirty years, it would be wise to choose the latter type. You may also consider taking both the types of policies at the same time, running simultaneously to give you extra security.

Which Type of Life Insurance should You Choose

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