subject: How Cheap Life Insurance Policies Are Beneficial For Everyone [print this page] Cheap life insurances are beneficial for everyone. This is because anybody and everybody with some sort of regular income can be covered with it. There are two basic types of life insurance: Term life insurance and whole life insurance. The former is inexpensive and provides only death benefits. The latter can double up as a savings account and can provide a return on investment. The money paid as premiums over the years is recoverable at the policy holders discretion in case of whole life insurance. There are a number of life insurance companies in India today that offer both these policies.
Life Insurance is just a contract between the policy holder and the life insurance company. Once you buy a policy, you will have to pay a life insurance premium.This way, you develop a backup plan for your loved ones and family when you die. You could also use it to keep your family supplied of cash if you were to become disabled due to some accident. There are a few other benefits to having life insurance.
You can choose who will receive your money when you are gone. These people, known as beneficiaries will receive the money that gets collected of the years having paid the life insurance premium over time. You can either name a single person, or you could name all the individual members of your family. There are no restrictions in this respect. The choice you make is up to you.
You could also apply for loan from life insurance companies in India from where the policy was bought. The good thing about this is that you can pay off any liabilities or loans this way if you were to suffer a loss. This is a method used by many professionals who own their businesses and have incurred a sudden debt. Often this is the only source of cash available to them. All you have to do is cash out your insurance policy and suddenly, you have extra cash to spend.
It is generally advised to buy a policy that is equal to the amount of debt you currently have. You could also consider your funeral expenses. This will mean that your family or loved ones will not have to bear the expenses of your funeral. You could also get a policy that contains surplus cash returns. This will serve as income after your death. This way you can be sure that your family will have extra money to spend. There are some life insurances that provide death benefits apart from all afore mentioned advantages of a typical life insurance.
Life insurance companies in India today make sure that buying life insurance is as effortless as possible. The life insurance premium you pay them will depend on the policy that is purchased. There are a number of factors that affect the premium amount. However, the basic rule is that the longer the term length of the insurance the lower is the life insurance premium amount and vice versa. Life insurance will give you peace of mind in your everyday life; knowing that your family will not have any trouble living their current lifestyle.
by: raj sharma
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