As an adult, with or without a family of your own, there comes a point where you need to make sure that your family’s financial security must be ensured.
As an adult, with or without a family of your own, there comes a point where you need to make sure that your loved ones’ financial security must be ensured. As they say, people do not know when they are going to die. So, if you have a family that is fully dependent on you and your salary, maybe this is the time that you consider having a life insurance of your own. If no one is depending on you financially, then you don’t need one. Understanding different types of life insurance can take a while, for there are a lot of things that must be discussed. But here is the general thought to help you put it piece by piece.
In some policy types, premiums or the amount of money insured by the policy holder can only be released in the event that that person is deceased. The sum total of the money depends entirely on what kind of policy that person has chosen to buy. Putting the right beneficiary is important because he/she is going to handle the money that you have left. If situations between the both of you changes, then you might want to change who gets the money as early as possible. Here are 2 of the most famous life insurance policies available for you:
Whole life policy
In this policy, premiums are paid all through the policy holder’s life. The amount of money released depends on the duration of time this person has allotted. As the keyword “whole life” suggests, even after retirement, you still have to keep on paying for the policy. It sounds kind of heavy but it is one of the most famous insurance policies available.
Endowment policy
Unlike the first one, this policy runs in a given amount of time or term. It depends to the policy holder on how long or what age he plans on keeping the policy. For example, the amount of time agreed upon is 15 years, after the policy’s maturity or the holder has reached a certain age, the sum will be released to him/her. This is very beneficial to the policy holder for it can serve two purposes. In the event that the holder dies, the family or the beneficiary gets the money insured. If not, and if he has outlived the contract’s maturity, it can serve as pension.
Choosing life insurance types rely mainly on the situation that you are currently in. Although advice is available, it also is important for you to know how these policies work so as to avoid misunderstanding in the future.
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