Types of Life Insurance Policy

Types of Life Insurance Policy

It has been found out that the majority of the people whatever circumstances in which they are spending their life, for some of them they are high neck deep in debts but they want to live their life to the fullest. So there are undeniable causes with regard to why one wants to have his life covered with the insurance policy available in the market.

Life insurance policy is a policy that protects your life from any accidents which you may encounter in your day to day life. There are number of benefits from such insurance policy that will depend on the policy term that one would like to be covered.

The two main classes of Life insurance policy are term life insurance policy and whole life insurance policy. Here you need to first find out the insurance company that you would like to have a policy with. Any insurance policy is given for a certain number of periods after which it ceases. Every person called the insured in whose name the policy is taken pays premiums for that period of time.

During the insurance term period the insured pays monthly premiums. If anything happens to the insured during anytime of the insurance term period the insurance company will take all the responsibility to pay for the treatment of the insured and the family of the insured will be relieved of the payment that they had to suffer.

During the filling up of the insurance application form or at any time before the expiry of the insurance policy you need to also state the name of the beneficiary. This is required at the time when you die during the term policy all the assured amount of the life insurance policy will be paid by the insurance company to the beneficiary which you mentioned on the application form.

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