What is Life Insurance

What is Life Insurance?

What is Life Insurance

Buying life insurance may be one of the most important decisions you’ll ever make. In the event of a tragedy, the assured payout can help pay the bills, continue a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more.

What is life insurance anyway?

‘Life Insurance is like a parachute. You buy it when you don’t need it, because when you need it, you can’t get it !!!’

What is Life Insurance Term Life Insurance Plan

There are a few variations of life insurance policy. In this article, we will try to further understand the different types of Life insurance policies available:

  • Term Life insurance-The most popular type of life insurance policy is called Term Life Insurance. The term life insurance provides coverage for a specific and stated period of time. This type of life insurance is a very popular choice for a policy because it can be purchased for an inexpensive premium. The way this insurance works is that you are covered by the policy for the time period specified.
  • Whole life insurance polices, on the other hand,  are attached to a cash value system where part of the regular contributions are invested in funds of your choice and grow with time. If the cash value is high enough to sustain the policy, it can be used to pay the premiums.

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Amit Mitbawkar

About Amit Mitbawkar

Amit is a Certified Financial planner specialising in the field of Business Protection Planning and Holistic Wealth Management. He is also a published author of the book 'Creating, Preserving and Distributing Wealth' - Grab a free copy of the book at - http://www.FreeWealthBook.com. Apart from this, Amit's articles on wealth management and financial planning have also been published on the following websites and printed magazines. 1. Gulfnews.com - Are you falling into the debt trap? 2. GulfNews.com - 'Map your Financial Footprint' 3. TheNational.ae - 'Investing is easy. Making money, not so much' 4. Executive Women - 'Protecting businesses and families from financial loss' 5. Arab Business Club - (Page 44, of June 2012 issue) 6. Premium Insurance Magazine - (Page 36 of September 2013 issue)

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