Two different life insurance plans for you
Life insurance plans offer financial security to the people who are dependent on you for living after your demise. Once you have purchased life insurance plans for yourself and family then you do not have to worry about your family once you are gone. Life insurance plans helps the family to pay mortgages, living expenses, bills, etc.
Nowadays, you will find that some life insurance plans also cover your estate or property by offering tax free vouchers to pay estate bills and business loans. Presently, insurance companies have come up with different policies but the two most popular life insurance plans:
- Term life insurance plans
- Whole life insurance plans
Term life insurance plans – This kind of insurance policy offers coverage for a fixed period of time. Once the time limit is over, the policy holder can continue the policy or discontinue it. In order to continue the policy, the policy holder has to keep paying the premiums and also fill some forms. If the policy holder dies in that fixed period of time then the nominee of the policy will be benefited and he/she will get the money.
One of the best things about term life insurance plans is that they are more affordable than other policies. Under this insurance plan, the policy holder has to pay the monthly premium on the basis of the fixed time period.
Whole life insurance plans – This kind of insurance policy is completely different from term insurance plan as it offers coverage for the entire life. Under this insurance policy, the policy holder starts paying the premium from the date of issue. If he/she dies in this period then the company will pay the money to his/her nominees.
Thus, you can choose the policy which matches your needs and budget.
