Guide on Life Insurance Features & Coverage of the Offer
LIFE INSURANCE – Here is a guide on the features and the coverage that this type of insurance policy has for the insured.
Among the many types of insurance policy offers, one of the most popular is the Life Insurance. In fact, a lot of individuals have bought at least one in the pursuit of not only securing themselves but as well as their loved ones.
This type of insurance brings peace of mind that your family will have something to turn to when you die or something stops you from working like a disease or disability. This is where an insurance policy may serve as an income replacement.
Under the Life Insurance offer, there are two (2) main types which differ with regards to the coverage of the offers.
- Term Life Insurance — This type of insurance provides a coverage that is locked for a particular period of time. For example, its coverage is valid for 10, 15, or 20 years.
- Permanent Life Insurance — This type of insurance policy provides a lifelong coverage. It usually includes the cash value component which can be withdrawed. It is usually considered to supplement retirement savings or to provide a death benefit for the family.
This type of insurance policy is most appealing to the breadwinners. It is tax-free and can ensure that there is a replacement to the income that the family will lose in case of the death of the insured breadwinner.
Also, there are policies with a critical illness coverage. Thus, the insured may turn to it following the diagnosis of a health condition or the occurence of a serious medical problem. In getting this type of insurance policy, it is important to consider the following factors:
- amount coverage of the insurance policy
- duration of the policy
- flexibility of the plan
- additional benefits of the insurance policy
- terms and conditions
- claim settlement
Aside from the Life Insurance, another most popular among the many types of insurance policies is the Health Insurance. This is what many people are seeking for.
