INSURANCE
LIFE IN S U R A N C E
Life is a series of ups and downs—what’s here
today may not be there tomorrow. But a life
insurance ensures that you can still live life to
the fullest despite uncertainties. Let’s take a look
at the two options available:
TERM INSURANCE
This type of insurance provides assurance for
a certain number of years or in exchange for
a specified premium. Term is also considered
the most pure form of insurance, where the
premium buys protection in the event of death
and nothing else. The three factors to be
considered are: face amount (death benefit),
premium to be paid (monthly, quarterly, yearly)
and the length of coverage (duration of policy).
ENDOWMENTS
These are policies where there is a set amount
fixed upon completion of the policy. In
simpler terms it means that you will be paid
a sum of money at a certain age, if you have
been paying your premiums. Endowments
are considered more expensive because the
premium paying period is shorter and the
endowment date is earlier.
Life insurance is a must for the
bread-earning
member of the
family. In case of his/her untimely death,
the family will be able to use the assured
money to
continue working
towards their goals.
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