Life Insurance is a contract between an insurance policyholder and an insurance company. The insurance company promises to pay a sum of money in exchange for a premium after the set period or upon the death of the insured person.

What is Life Insurance?

Life insurance is a financial protection for your family in case of your death. The payment is tax-free in case you die. The amount and type of coverage you choose will depend on your circumstances and needs. The cost of life insurance depends on a few factors, like age, gender, health, medical history and lifestyle.

Do you need life insurance?

Will your loved ones be financially impacted if something happened to you? If yes, then you should consider buying life insurance to make your family financially secure in absence of yours.

There are 4 types of Life Insurance

Term Life Insurance

Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. Term life provides temporary protection you can customize to meet your changing needs.

Permanent Life Insurance

Permanent life insurance is an umbrella term for life insurance policies that do not expire. It covers you for your whole life. Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy. Permanent life insurance combines a death benefit and a savings portion.

Participating Life Insurance

Participating life insurance is a type of permanent whole life insurance coverage that can be eligible to receive dividends. You can use the dividends to buy more coverage. Or you can reduce annual premium cost or earn interest inside the plan. Or you can take them in cash. Dividends are not always guaranteed.

Universal Life Insurance

Universal life insurance is a flexible type of permanent life insurance. It combines protection and savings. The payments you make above the cost of insurance earn tax-preferred interest.