How to Choose the Best Life Insurance Plan
- Whole Life Insurance – This insurance provides security for the entire life of the policy holder. The beneficiary gets the benefit only at the event of death of the policy holder.
- Term Insurance – As the name says, term insurance is for a fixed period of time. Once the policy lapses, it is at the will of the insured to get it renewed or to let it go. The benefit is provided at the death of the policy holder but the death needs to take place within the specified time period. It comes handy when you have limited amount that can be invested and limited years to be covered.
- Universal Life Insurance - The premiums, amount of protection and cash values can be altered by you during the contract term as per the change in your needs and requirements.
- Variable Life Insurance Policy – In this plan the cash and death benefits vary.
- Limited-Pay Insurance – In this type of plan you need to pay your premiums for a specific period of time.
- Endowment Insurance - If you buy an annuity policy with the sum received, you will be able to earn regular incomes by way of monthly pensions when you retire.