Life Insurance| Life Insurance Companies | Life insurance for Seniors

What is Life Insurance..?

A life Insurance is a Policy or a contract between an insurance company and a client or customer.

Life Insurance Companies Provide a good revenue we can say a Good premium in case of death or accidental death. Insurance Companies provide a lump sum Amount, known as death benefits.

Typically, life insurance is selected based on the needs of the owner. Life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage to owner of insurance. 

Note: It's important to note that death benefits from all types of life insurance are generally income tax-free.

There are many kinds of life insurance.

 Some of them are

• Term life insurance

• Permanent Life Insurance

• Group Life Insurance

Term Life Insurance:

Term life insurance provides financial protection for a specific period of time, such as 15 or 25 years. With traditional term insurance, the premium expenditures amount stays the same for the period you select. After this period that owner selected, policies may provide continued coverage, usually at higher premium payment rate. Ideally Term life insurance is generally less costly than having a permanent life insurance and term life insurance increases with the age.

Term life insurance proceeds can be used to replace lost potential income during working years. This can provide a safety net for your payees and can also help ensure the family's financial goals. Goals like paying off a mortgage, keep a business running, and paying for college fee and other expensive.

Note: It's important to note that life insurance benefits are paid at one time in a lump sum, not in regular payments like as the paycheck etc.

Permanent Life Insurance:

Permanent life insurance is life insurance that covers all the lifetime of the insured person. A permanent insurance policy adds a cash value up to its date of maturation. The owner can access the money in the cash value by withdraw its money, deriving the cash, or surrendering the policy and receiving the surrender amount almost more or equivalent  to his/her payed amount.

The Three basic types of permanent Life insurance are

• Universal life Insurance

• Whole life Insurance

• Endowment Insurance

Universal Life Insurance:

Universal life insurance is a type of permanent life insurance also provides your lifetime coverage. Unlike whole life insurance, Universal life insurance policies are flexible and may allow you to up or down your premium expenditures or coverage amounts throughout your lifetime. Common use is long term income replacement, where the need extends beyond working years. Some universal life insurance product designs which has  focus on providing both death benefit coverage and building cash value while the other Life Insurance providing guaranteed death benefit coverage. Additionally, due to its lifetime coverage, universal life typically has great expenditures payments than Term Life Insurance. 

Whole life insurance:

Whole life insurance is an also one type of permanent life insurance to provide lifetime coverage. Because of the lifetime coverage period, whole life Insurance usually has Greater premium expenditures than term life Insurance. Insurance Policy premium expenditures are typically fixed. whole life Insurance has a cash value, which roles as a savings component and may add tax over time.

Endowment Life Insurance:

The endowment policy is a life insurance contract provides insurer to pay a lump sum after a specific time period (usually on maturity) or on death Time. Typically, maturities are ten, fifteen or twenty years up to a specific age limit. Some policies also pay out to insurer in the case of Major Disability or illness for example an insurer got accident in a road accident . Endowments can be cashed early in terms of surrender (Before time of policy ends) and the Insurance policy holder then receives the surrender Amount of its insurance which is Calculated by the insurance company depending on how long the policy has been running and how much has been paid into it.

Group Life Insurance:

Group life insurance mean that Insurance of multiple persons at once also known as (institutional life insurance) .This group life insurance is  term of Life  insurance covering a group of people, usually employees of any company, members of a union or associate , or members of a pension, a group of business man(like partnerships).Group Insurance has a great matter for successful company to provide their employers a good relief in case of any accident .

For Example If you are an administrator of any Govt., Public/Private sector or any industrial organization then  it is your responsibility to provide group insurance coverage to the members of your organization for the benefit  of their lives and to secure their future.

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