Check out the different types of Life Insurance Policies
If you are asking this, you might be a person who likes to gain a little insight before writing a cheque. So, this time its insurance? It’s pretty smart actually, to know every type of insurance in the market before actually buying one. Where some harvest just covers benefits others can be an investment as well. Here are various types of life insurance policy plans currently active in the market-
Term Life Insurance-
The simplest insurance genre where the insurer is entitled to cover death risk for a particular time. Every year premium is paid in annual or semiannual terms. If the policy bearer passes away before the maturity, then the nominee in the policy will be entitled to the agreed amount. In case, the policy expires and the bearer outlives the policy expiration date, then no coverage is paid back.
Unit Linked Plans-
This unique combination of insurance and investment splits your premium amount into two halves. One is used as insurance premium and the other as an investment option. The second half of your money is moved by the insurance company to invest in bonds, equities, debts, etc. this acts as a long-term investment with more transparency and flexibility.
Endowment plans-
This is a hybrid policy featuring insurance and saving. One part of your money is kept for life insurance premium and the other half is used by the insurance company to invest. If the bearer outlives the maturity time, he is rewarded with the maturity benefit. Other bonuses are also paid at the time of maturity to the bearer or the nominee at the death of the insured.
Money Back insurance-
A rare breed amongst insurance policies, money back insurance displays the quality of paying back a fraction of premium to the insured at periodic intervals as survival benefits.
They are also eligible for various bonuses from time to time. This life insurance in Fullerton is a great option to secure short-term financial goals. These were some of the most popular family life insurance plans in Cypress. Other notable options could be Child Plan, whole life insurance, retirement plan etc.