1.Types of Life Insurance
You can find a number of insurance products to insure different types of risks for example; Home insurance, Auto insurance, Mobile or Gadget insurance (See- Everything You Need to Know Before Buying A Mobile/Gadget Insurance ), Health insurance, Business insurance etc. In this post, I will be discussing on Life insurance. Depending upon the features, there are three basic types of Life insurance;
Term Life Insurance
Permanent Life Insurance
a) Whole Life Insurance
b) Universal Life Insurance
To eliminate the mere disadvantage of whole life insurance (fixed premiums and death benefits), life insurance companies have launched a new type of life insurance product called universal life insurance. Universal life insurance is a combination of life insurance and investment account. Premiums and death benefits are flexible in universal life insurance; insured or policy holder may increase or decrease the premiums or death benefits as per their needs. Universal life insurance allows you to take loan against your policy. The death benefits depends upon your cash value; that means if cash value increases, death benefits also increases or vice versa.
Endowment Life Insurance
2.Understand Your Needs
- Why would I need life insurance? (Answer of this question could help you opt right type of life insurance, see types of insurance discussed above))
- How much cover do I need for life insurance? (Tip: Evaluate your present and past needs of insurance and decide how much cover would be enough?)
- Which life insurance policy would be better for me? (See types of life insurance)
3.What is covered and what is not?
5.Revocable and irrevocable
8.Compare Insurance Plan
- Types of Life Insurance: What are The Different Types of Life Insurance?
- 8 Undeniable Reasons to have a Credit Card
- Everything You Need to Know Before Buying A Mobile/Gadget Insurance
- 6 Leading Mobile / Gadget Insurance Companies In India| Mobile Insurance In India
- What are The Various Types of Health Insurance Policies in India| Types of Health Insurance
9.Right to Reject
In today’s uncertain world, insurance becomes a necessity. If someone does not have enough funds to bear the loss of any unforeseen event; then that person should insure himself/herself. Above given information will definitely help you choose a right life insurance policy for you or your loved ones; however, further research can help you to take more precise decision.