Life insurance is a contract between you and the insurance company. A lump-sum benefit is paid to the beneficiaries on account of the insured’s death or passing. You can choose between term insurance, whole life insurance, and universal life insurance, depending on your needs.
Your coverage will depend on your life goals, the amount you want to leave for your beneficiaries, and the stage of life you’re in. An annual review is recommended, though.
You can take care of your dependents’ financial wellbeing through life insurance, which is a contract between you and the insurer to pay the death benefit to your beneficiary.
Term plan policy premiums remain unchanged for the entire policy tenure, which could be for 10, 20, or 30 years.
You are insured for life in a Whole Life Insurance policy, and the premiums are higher than a term plan.
Though coverage is for a lifetime, the premiums can be raised or lowered, unlike a Whole Life Insurance Policy premium
A fixed annuity provides a steady income flow during retirement on payment of a single lump-sum premium.
Life insurance assures financial protection for your dependents and should be purchased only after determining their financial needs. Your life insurance agent will assess your needs and suggest the appropriate type of life insurance required. The various types of life insurance include term life, whole life, variable universal life (VUL), and universal or comprehensive life policies. Life insurance requirements should be evaluated on an annual basis or when significant life events, like marriage, the birth of a child or adoption, divorce, or buying a house, happen.
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