The term life is a great choice when you need the financial security for a short period or a fixed number of years. This is particularly helpful when you know the exact numbers of years when your family won’t be that dependent on you for their expenses. These insurance plans are generally offered for 10, 15, 20, 25 and 30 years. Under this plan, the insurance provider will pay a death benefit to your loved ones, if you pass away before the term expires.
ROP term life is more like a term life insurance but helps with an additional advantage to the insured. Under this plan, if you have chosen for a 30-year plan and outlive the term, the insurer will pay back the total premium amount. Also, if you cancel an ROP term life, you may receive a portion of the premium amount.
When you need a cover for life, we suggest you go with a whole life insurance plan. Here, you pay a fixed premium for life and your loved one get an accumulated cash value when you pass away. Also, you can borrow from the cash value to take care of other expenses.
If you want to earn some while paying premiums for your life insurance, the universal life insurance plan is made for you. Under this plan, you can choose among varying premiums and death benefits. Also, you can terminate the premiums at a certain age and earn some extra money through the investment portion of the plan.
Over the years life has been providing peace of mind to the people with the financial security it brings. There are multiple benefits that you can receive from life insurance and consider buying a suitable a life insurance plan. Here, we are listing a few of them:
If you are the sole breadwinner in the family, you might be worried about how your kids will complete their education and take care of other expenses. With an accumulated death benefit provided to your family, you don’t need to worry what will happen when you won’t be there anymore.
Losing your spouse at an early age is a big setback for anyone and becomes bigger if the spouse was earning a decent income to take care of family expenses. A life insurance plan with enough coverage helps with an accumulated cash amount and compensates the spouse income to take care of different family expenses.
When you or your spouse passes away with a debt or loan named on them, a life insurance policy greatly helps there. Along with coping with the sudden loss of a partner, this policy helps to pay off the debts with the lump sum amount received.
You might not wish to put an additional burden on your loved ones after you expire. Along with paying off the debts, a life insurance policy will take care of the expenses occurred in the funeral ceremony and your loved ones will have one less thing to worry about.
Now, this is a real money-saver. Govt. helps with the tax-deduction schemes applicable for different types of investments and insurance is one of them. With a life insurance plan for self, spouse and kids, you can claim a decent deduction on your taxable income.