5 common types of life insurance policies

Life insurance is for life financial benefits but on the sad site of picture, this insurance is for the benefit of beneficiaries after the death of the individual who was paying the insurance but there is consent written by the insured that who can be benefited with the insurance money. There are different types of life insurance policy; the most common among them are as follow:
  1. Plan for whole life: This policy gives benefit to those whose name are mentioned in the consent of the insurer and will be provided after the death of insurer. There is certainty in the payout of the policy so the policy has a huge amount of cash which can be cashed out or can be used to secure loan. Regular payments of the premiums are done by the insurer until end of life. Many things can be added to the rules of insurance policy which can be decided after insurance consultation.
  2. Plan of limited payment: It is among the variation of the whole life insurance policy. It is similar to whole life insurance but only the payments are to be paid until specific amount is achieved. After the payment goal is achieved, the owner does not have to pay more.
  3. Endowment insurance policy: It is one of the insurance policies although very less common. In this policy insurer are the one who get benefited. They pay the premium for specific term and at the end of term it is paid to the owner of the policy. Life annuity insurance policy. In this type of life insurance policy, the owner of policy will pay a huge amount together or in installments which will recurred by the insurer after a certain time period or date. The payment by the company will be done till the end of the owner of the insurance policy.
  4. Term life insurance policy: It is somehow like the life annuity insurance policy but the payment by the company will be for specific time of period, it is not for life long.
These insurance policies of variable type are according to the need and financial status of the person who want to get the insurance. There are companies who make it part of commercial insurance to benefit the employee. Although people have different views about life insurance policy that are positive and negative but it is a support to your spouse and to yourself also. Before getting the policy make sure the type of policies you are going to purchase and whether that will give you the benefit you want to have.

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