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Life Insurance and Its Types

Life insurance is one of the most important things to invest in by a living person which is a contract between the policy holder and the insurer in which the insurer pays a beneficiary amount after the death of the person. The amount is definitely more than that paid by the insurer and this is very useful for the family members since after the death of the person this money is very helpful for his surviving family members.

A good life insurance policy which was being made to ensure that no financial hardship comes after the death of the person not only returns the cash invested but also helps in the other sundry expenses. A person should select a life insurance policy that helps in giving maximum benefits to the spouse in spending their life without restrictions on the death of the policy holder-a normal social life which includes proper education, shelter, food, clothing and entertainment.

Permanent life insurance is a type of life insurance in which the insurer keeps paying the premium for life and when he dies, he gets a hefty return on this insurance. The permanent insurance is to be paid for the whole lifetime and the premiums are very costly initially though in the later years after many insurance premiums are paid, the premiums become economic. The permanent life insurance can be again of two types which includes universal life insurance and whole life insurance. In the universal life insurance the insurer can change some of the key properties predefined by the company whereas in the whole life insurance, the insurer just has to pay the premiums for life and after he dies he gets the returns.

Life insurance can also be for specific terms which may be 5, 10, 15 or 20 years depending upon the requirements of the person. If the term is not over and the patient dies in between then the premium is being paid according to the premium paid but if the term is over and the premium is not renewed then the coverage ceases so it is very necessary to renew the premium else all the previous premiums goes in vain. With proper care taken nothing can be better than this type of premium.

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