There are two types of insurance policies.
- whole life insurance
- term life insurance.
Whole life insurance: Permanent life insurance provides lifetime protection to your spouse or children by paying monthly premiums.
Term life insurance: This insurance policy pays a sum of amount after a set period or on the death of the insurer to the beneficiaries.
What are the various advantages of term life insurance plan?
Less expensive: Term life insurance plans are extremely cheap at premium cost than a whole life insurance policy.
Best Choice over whole life insurance: The best of the best option term life policy is always the best option in comparison to whole life as the insurer has to pay monthly installment instead of huge extra money.
Renew: One of the best benefits of term life insurance policy is that one can renew the term plan for a longer duration after the expiry of the term.
Family benefits: The best part of this policy is that one can ensure adequate life insurance benefits for your loved ones. After the death of the insurer, beneficiaries will receive the sum of the money which can protect your family from various issues.
More insurance: One gets more insurance for the fewer bucks as a temporary coverage.
One opts for the whole life insurance for the permanent protection. For additional death benefits after the specified time, the best is to have temporary coverage.
Click this link here now to know about life insurance options in detail. There are few mistakes one must avoid while planning for the retirement and betterment of loved ones. Insurance policy investment is a sure shot way to protect your family in your absence.
Plan and invest smartly so that one can enjoy life with fewer worries and anxiety. Make better decisions in your life for yourself and your family so that in future no one has to suffer.