Life Insurance is always hard to talk about. To some it is like tempting fate. It is a must have type of Insurance to be able to take care of your family should something happen to you.
There are many questions that need to be asked in order to find the best life insurance to meet your needs. There are many different types of Life Insurance to meet your individual level of protection and financial security. These are the questions you should be asking about before looking at the different types available.
What limit do I need to purchase for my family to be set for life?
Is your spouse working? If not, you will have to provide for her and your children for the rest of their lives.
Will there be enough to pay off the mortgage and loans?
Would there be enough money in the bank for all the monthly bills?
The kids will need a college fund. Would that be available to them?
Will there be money in the medical bills?
Types of Life Insurance
There are many different types of Life Insurance. We can examine a few to give you an idea on what you can purchase.
Term Life Insurance
Term Life Insurance will give you the best coverage available at the most affordable rates. You would be able to purchase this with a high limit such as $1,000,000 which may or may not be enough. There is always a lower or higher limit available. Term life insurance is simple to buy and easy to afford. Term Life Insurance makes it one of the better choices for young families to get the financial security they need. There are usually a couple of plans that insure protection for your family. If you pass away within the covered period, your family will receive the amount of the policy, normally tax free depending on where you live. This is an excellent selection as it can be used for whatever is need by your family.
Permanent Life Insurance
The different between a Permanent Life Insurance policy and a Term Insurance policy, is that a Term has a expiry date. The Permanent Life Insurance does not. It provides the insurance coverage for your life. An advantage of the permanent life insurance is that the monthly rates are guaranteed not to change as long as the policy is in effect.
Universal Life Insurance
Universal life insurance offers a more customized type of policy which allows you to include a portfolio of investment options. It offers a large range of benefits such as choice of death benefits and flexible ways you can get the maximum protection you have accumulated over the years.
If you invest in the markets, and have a solid financial foundation to work from, this would be the type of insurance that will focus on your accumulation of wealth.
Personal Accident Insurance
Personal Accident Insurance can be added to your life insurance policy which will assist your family with any immediate needs such as funeral or even just day to day expenses. There are varied limits on this policy. You can call us for additional information on purchasing this policy.
Come visit insurancemarket.ae and your personal shopper will happily structure a tailor-made life insurance plan for you.