To purchase a life insurance is a great way to protect your family financially if anything ever happens to you. You may like to consider buying a life insurance once you are married, have children or for the ones those who depend on your income for support.
Today there are different types of life insurance policies available and to find the right policy for your family can be a challenging job. Given below are some of the different types of life insurance policies:
Term Life Insurance:
Term life insurance is the simplest and cheapest type of life insurance available. It is considered to be temporary and provide protection for certain period of time. If the one who is insured loses his life before end of the term than his/her beneficiary receives the face value of the policy. And if nothing happens to his life by the end of his term then, he/she does not receive anything. You can also choose to extend your policy at the end of the term life insurance period.
Whole Life Insurance:
Another name of whole life insurance policy is permanent life insurance. This type of life insurance is basically term life insurance having investment component which allows your policy building cash value that you can borrow against. The investment could be money markets, bonds, stocks etc. Whole life insurance proves expensive due to the fees and investment commissions you are charged and there is no guarantee if your investment will make any money.
Universal Life Insurance:
This insurance type is a form of permanent life insurance policy that combines a term life insurance policy with tax deferred interest accumulating saving account. It takes some time for this type of policy to build a considerable value and you may be able to save much in less amount of time.
Taking a right insurance policy to protect your family and your loved one is very important decision. So it is always advisable to compare free life insurance quotes from different companies and then select one that is best for you.
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