Life Insurance Benefits - Life Insurance Details
Today I have been discussing Life Insurance Benefits. I welcome of you Dear Visitor in this blog. I explain Life Insurance in easy way. After Read Life Insurance full article you can decide, Whether you should insure or not.
Life Insurance
A contract between an individual and an insurer where the insurer promises to pay the individual's listed beneficiaries a sum of money upon the death of the insured person. Depending on the type of insurance policy, diseases may also be covered. Some insurance policies also offer investment features.
Insurance Advisor
One that helps an individual decide which policy is best, depending on the individual's needs and personal details such as age, occupation and income.
Risks
Insurance providers project the perils that may occur to a policyholder. The providers usually calculate the risks based on factors such as age and medical history. Higher risk entails higher and more expensive coverage.
Beneficiary
An individual who is entitled to receive the benefits of an insurance policy. The policyholder declares his or her beneficiaries upon signing of the insurance contract.
Premium
The amount an insurance provider charges an individual to manage the risks related to the policy.
Term Life Insurance
A low-budget insurance policy that provides coverage for a certain number of years or term. Once the policy expires, it is up to the policyholder to renew it. This type of insurance provides benefits as long as the death occurs within the term of the policy.
Endowment
A type of insurance that provides benefits both when death occurs within the term of the policy and when the insured individual is alive at the end of such term.
Maturity Date
A life insurance policy reaches maturity upon the death of the policyholder or when the period stated in the contract expires.
Death Benefit
The amount a beneficiary receives when an insured individual dies.
Variable Universal Life Insurance (VUL)
A type of life insurance that offers both death benefit and investment. The premium for VUL is flexible and may be changed as needed.
Benefits of Life insurance
- Your Family Won't Have to Worry About Living Expenses
- It can help take care of your loved ones even when you've passed away.
- It can help you better deal with debt.
- It can help you attain your long-term goals.
- It can be beneficial for your retirement plans.
- It can give you peace-of-mind by knowing that if ever something goes wrong, your family will be fine.
- Risk coverage
- Financial Planning
- Wealth creation
- Guaranteed income
- Tax benefits
Life Insurance Benefits of Starting Early
- The younger you are, the lower your premium amount will be
- You can get insured for longer duration
- Save tax on the premiums that you pay