When it comes to your loved ones, there is no such thing as too safe. Life insurance is an agreement between an insurer and a policy holder, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person. Depending on the coverage, other major events such as terminal illness or critical injury can trigger ones poilicy.
iii What are types of Life Insurance?
Term Life Insurance
Term insurance comes in two basic varieties-level term and decreasing term. These days, almost everyone buys level term insurance. The terms "level" and "decreasing" refer to the death benefit amount during the term of the policy. A level term policy pays the same benefit amount if death occurs at any point during the term.
iii What are types of Term Life Insurance?
Permanent Life Insurance
Death can come to you or a loved one at the most unexpected of times. Protect those you love, and ensure that the pain of their passing yields less of a burdon. Just to get an idea, here are the different types of Permanent Life Insurance, for more detailed information, click the link below.
iii What are types of Permanent Life Insurance?
- Whole or ordinary
- Universal or adjustable life
- Variable life
- Variable-universal life