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My FUTURE is created TODAY, not TOMORROW
What is life insurance?
It is a contract between the policy owner and the insurance company. Life insurance plans protect your family from uncertainties in life. It ensures your family’s financial security and peace of mind. It is a means of protection from financial loss in case of disability or death.
What is the average life insurance cost?
Cost of life insurance depends on the insured age, health, type of policy and the life coverage. In general, you will pay less the younger and healthier you are. But don’t let your age or health status discourage you from considering life insurance. There are also policies available for people of any age as well as those with existing health conditions. But you generally pay more for your policy if you’re in poor health and/or smoke.
What are the types of Life insurance?
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Traditional Life Insurance – Focuses primarily on guaranteed death and/or living benefits.
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Variable Life insurance – Life insurance with investment. It gives potential higher return on living benefit while also having a death benefit. The values you get in variable life insurance are not guaranteed because they are affected by the market performance.
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Term Life insurance – Provides protection for a specific period of time. The death benefit will be paid to the beneficiary when the insured passes away while the policy is active. It is less expensive compared to other types of insurance with no potential earnings. Term life insurance is applicable when you need protection for a specific span of time.
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Whole Life Insurance – Covers the insured until he passes away. Premium is fixed and more expensive than term life insurance. It is a permanent life insurance that offers lifelong coverage.
Why is it important to buy life insurance?
Life insurance is bought because someone must go on living. Uncertainties requires no time! Life entails risks-at home, work and school. Life insurance protects and preserves the well-being of your loved ones. Life insurance is the answer to having protection as well as to help accumulate wealth. It is a financial tool designed to protect people against financial difficulties in the event of loss. If someone depends on you financially, you are most likely someone who needs life insurance.
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