What is Life Insurance and What are Its Benefits

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What is Life Insurance?
Learn How it Works and Types of Life Insurance
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Life Insurance It is a contract between the
policy owner and insurance company, where the
company provides a lump-sum payment of the
insured individual's death or other event such as
terminal or critical illness. It is chosen based
on the needs and goals of the policy owner. There
are many types of life insurance. Some of the
Commom types are discussed below 1. Term Life
Insurance 2. Universal Life Insurance 3. Whole
Life Insurance 4. Permanent Life Insurance 5.
Travel Insurance 6. Medical Insurance
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Why do we need life insurance?
No one needs to depart their family unprepared
for the long run. Designing nowadays will
defend the promise of your familys tomorrow.
1. We need life insurance to provide money to
replace our income if we die so that our
families can maintain their standard of living.
2. Life insurance benefits can be used to pay
off debt and help create more financial
security for your family. 3. Life insurance
benefits provide cash that can be used to pay
final expenses like medical bills, funeral or
legal expenses. 4. A life insurance policy can
supply money for children to go to college. Or,
in the case of special needs. 5. A life
insurance policy is a great way to leave money
behind for your family or for a charitable
cause.
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Benefits of Life Insurance
1. Life insurance will fulfill several desires.
one in all the first desires is to guard the
money well-being of your survivors by
maintaining their current way within the event of
your death. Insurance provides a tax-exempt
lump-sum benefit, which might be invested with to
produce financial gain for a better half or
dependent youngsters. Parts of a benefit are
often won't to pay off debts and eliminate the
necessity for survivors to still meet
reimbursement schedules. 2. Life Insurance is a
long-term contract where as policyholder, you
have to pay a fixed amount at a defined
periodicity. This builds the habit of long-term
savings. Regular savings over a long
period ensures that a decent corpus is built to
meet financial needs at various life stages. 3.
Policyholders have the option of taking loan
against the policy. This helps you meet your
unplanned life stage needs without adversely
affecting the benefits of the policy they have
bought. 4. A life insurance policy can offer
unique advantages. If a family-class beneficiary
such as a spouse or child is designated as
the beneficiary of the life insurance proceeds,
the policy may be exempt from seizure by the
creditors of the policy owner or life-insured.
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If you want to learn more about life insurance
then visit http//ucoverme.com/ or contact at
416-848-4581