Which type of Life Insurance Policy is Best for you?

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At the first time in the appearance of life insurance policy people don’t  get enough idea how to select a best life insurance policy for them. But at present time people have come under the touch of better education, become more concern about their right, take necessary steps to avoid any destruction to their life. As a result of that they have start to searching a proper security system to cover up that unexpected situation in their life cycle. In spite of being presence all above mentioned things in our life still now people do not understand clearly why they should need to purchase a life insurance policy. In this article we will try to clear the idea completely so lets start it :-



There are two types of  life insurance policy we can see surrounding of us such as:-



     1) Term Life Insurance Policy

     2) Permanent Life Insurance Policy









Term Life Insurance Policy


Term life insurance policy ensures predetermined death benefit for 5 to 30 predetermined number of years with fixed premium on the basis of your health condition and life expectancy at the time of purchasing the life insurance policy.




Permanent Life Insurance Policy


Permanent life insurance merges a death benefit with saving of invested amount. The policy covers you for as long as you’re alive, even if you live near about 100 years. The premiums depend on which type of policy you have purchased, it can be fixed or not. The premiums based on your health and medical history as like as term life insurance policy.


Now we are presenting why people buy term life insurance policy.  Lets look it when and why you should buy it and how much coverage you need :-




Single With No Dependents


If there is no one depends on your income, then you don’t need to purchase a life insurance policy. Your untimely death affects your family’s peoples a lot. If your parents are not well incomer, however you might consider purchasing a small inexpensive policy that would cover your costs.



Just Newly Married


Getting married doesn’t mean you have to purchase life insurance policy. Occurring various events like marriage, buying house, having children indicate you need to ensure financial stability very soon. When you get older the premiums will be high in amount so when you young and healthy that time you have to purchase life insurance policy.





Just To Buy A House


You can buy a house with mortgage  life insurance policy. By ensuring in the form of policy such as borrowers and co-borrowers date of birth, sex, smoker or non-smoker, profession, contact number, age and weight. It will give you protection of insurance and other financial products. Mortgage life insurance policy protects you from loss of income. Term life insurance policy give you cash against mortgage insured money to meet living expenses. However sometimes it can be  appeared get mortgage protection insurance and small amount of term life insurance  without any kinds of medical exams.





Appearance Of New Family Member


If your are only income able person in your entire family area then your kids have to rely on very much to you. In spite of being no problem with you and your spouses but the surviving of future spouses may will suffer a lot not for only income but also to care of children. At this stage in your life time you should need purchase more life insurance to cover when your kids will be at 18 you have to allow to lead minimum standard of living, meet running household expenses, pay children’s college fees and so on.




At The End Time Of Profession


When you get older at the end stage of life may your term life insurance policy still running.  At the old age the insurance company will make claim to you  to pay the premiums accordingly in high amount because of your chances of dying, become riskier customer to avoid the payment of death benefit to you. If you have permanent (Whole life) insurance policy it will cover you until your death. If you no longer to need it you can close it to ensure proper utilization of your cash money. At your old age you can avoid any financial disaster by purchasing life insurance policy.




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