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What is Life Insurance?

In Layman terms, life insurance can be defined as the contract between the policyholder and an insurance company. The insurer will provide death benefits to the beneficiary set by the policyholder in exchange for a timely premium. There are several considerations to be made when it comes to life insurance policies. 

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For instance, the beneficiary may not receive the one-time lump sum death benefit if the death is caused by suicide. Similarly, the contract may become void if the policyholder hasn’t disclosed any underlying diseases. There are some life insurance policies where the policyholder needs to take a physical test before applying. Older age and poor health are some of the most common reasons due to which the premium can become expensive. 

Based on the proper requirement of the policyholder, there are different types of life insurance policies. Some of the most commonly used policies are mentioned down below: 

What is Term Life Insurance?

Term Life Insurance also commonly referred to as Term Assurance, is a particular coverage set for a specific period. Under the time frame, customers can entertain a fixed rate of payment. In case the policyholder dies within the time period, beneficiaries are paid. At the same time, even after maturity, the policyholder lives, term insurance can be renewed. The only downside is that the policyholder needs to pay a higher premium. This is mainly because the policyholder gets older, increasing the chances of mortality. There are also Term Life Insurances with automatic renewal at a higher premium. 

What Is Whole Life Insurance? 

As the name suggests, under Whole Life Insurances, there is no fixed coverage period. In other words, it is a lifelong coverage where you don’t need to opt for renewal. As long as the policyholder pays the premium over a fixed duration of time, the whole life insurance remains active. There is also an investment opportunity that the policyholder can entertain. Unlike Term Life Insurance, the cash value of the policy keeps on growing, offering a guaranteed rate-return. Whole Life Insurance is by far the simplest form of insurance one can think of. It is a lifelong asset that policyholders can easily build over time. 

What is Final Expense Life Insurance?

Final Expense Life Insurance is an addition to Whole Life Insurance. The policyholder can get added benefits for the expenses associated with the funeral and everything else related to it. Sometimes these are also termed as Burial Insurances. The payout for the death benefit is usually around $2000 – $15,000. The final expenses also include the coverage for a medical bill, survivor’s loss of income, any unpaid debt, and even educational expenses such as college fees. 

What is Permanent Life Insurance?

Permanent Life Insurance is the term used to describe life insurance policies that have no fixed expiry date. As long as the premium is paid on time, the policy continues. Some of the life insurance that comes under the hood of permanent life insurance includes Whole Life Insurance, Universal Life Insurance, as well as Variable Universal Life Insurance. Permanent Life Insurances can also be used as saving accounts as per the need. The policyholder also has the leverage to borrow against the value of their insurance policy. This can come handy under certain circumstances.

What is Supplemental Life Insurance?

Supplemental Life Insurance is set for employees at the expense of no cost to a very minimal loss. Policyholders can also buy supplemental life insurance privately. The supplemental life insurance policy can also be used in order to complement the Whole or Term Life Insurance Policy of the holder. At times, it can provide financial assistance to the policyholder. Since different policies come with their terms and conditions, it is better to look for particular coverage. There are also instances where the Supplemental Life Insurance holds its validity after the other benefits have been used. 

What Is Universal Life Insurance?

Universal Life Insurance is comparatively more affordable than Whole Life Insurance. But, at the same time, it offers a similar saving value with an interest-earning growth. Based on the tax-deferred, the cash value of Universal Life Insurance keeps on growing. The policyholder has the flexibility to transfer money to their policy from the cash value. At the cash portion of the insurance policy, you can also get guaranteed interest rates. One of the versatilities of Universal Life Insurance is that the coverage can be altered at any given point in time. This is something policyholders can’t find in Permanent Life Insurance. 

 

Why You Need Life Insurance? 

If you are single without having anyone depending on your income, chances are you don’t need life insurance. But, for the majority of the population, that is certainly not the case. One of the most common reasons why one should consider getting life insurance is to preserve their standard of living. This includes taking care of the family member or any dependents without your presence. Even after your demise, there are still costs of final expenses such as funeral services. 

This should give enough reasons for the homemakers to consider getting life insurance. Young adults who are taking care of their parents should also consider getting life insurance. So, even in their absence, they can provide financial stability to look after them. There are financial benefits to the policyholder as well. It can also be used as mortgage debt at the time of needs. Life insurance policy can also offer a lifetime investment opportunity in the form of cash values. So, whether someone wants to take care of their family or not, there shall always be a need for life insurance. 

 

What does Life Insurance Cover?

Life insurance is, by far, one of the best ways to help the family in case the policyholder dies. Its sole purpose is to provide financial stability to the family when they can’t rely upon the income of the policyholder. There are several terms and conditions when it comes to coverage for life insurance policies. Some of the most common causes of death being illness, accidents, and natural calamity are all covered in life insurance. 

But, there are some other instances such as suicide, the beneficiary cannot claim. However, the claim varies for different insurers. For instance, while some maybe not cover at all, at other times, it is only covered if the incident happened after two years of being a policyholder. Some of the other exclusion includes STD such as AIDS, association with hazardous activities, and even drug overdose. Other instances include the death of the policyholder at the hands of the beneficiary, or the claim is found to be fraudulent. 

 

How does Life Insurance Work?

Having a clear understanding of life insurance is as easy as it can ever get. Right after buying a life insurance policy, one needs to wait for it to take effect. Make sure to keep in mind exclusions such as suicide won’t entertain the coverage. It is very important to choose the beneficiary as soon as possible. One can also opt for multiple beneficiaries. Just make sure to let them know, right after you have bought the insurance. 

Sticking to a healthier lifestyle while quitting smoking is one of the best ways to ensure that you pay the least possible premium. Some life insurance policies provide cash value, while others won’t. Choose wisely the one that resonates with your current and future requirements. Lastly, make sure to buy life insurance only from a reputed company, which ensures a timely payout.

 

How Much is Life Insurance? 

The cost of the life insurance policy depends upon the age and health of the policyholder. Some of the other considerations include occupation, smoking tobacco, and even previous health record. As the age of the policyholder increases, so does the premium upon renewal. The monthly premium for life insurance of a 25-year old is around $26 and $87 based on being a smoker or not. As for the age 65 and above, it goes as high as $473 and $1640, respectively. 

Just bear in mind that the death benefits that come from life insurance are income tax-free. The overall cash value is tax-free, which is why many people prefer to use their life insurance as a savings account. Looking at the beneficiary upon the death of the policyholder, it is devoid of any capital gain and income tax. But, it comes under the estate, thus being liable to inheritance tax (IHT).

 

Which Life Insurance Plan is Best for Me?

Depending on your age and financial stability, you should choose your life insurance plan. As stated earlier, being in your 20s and 30s is the best time to pay for premium rather than in the 50s. Not only will you be able to save on premium, but at the same time, you don’t need add-ons such as funeral costs. Improving your health while giving up on smoking are some of the best ways to save on insurance premiums. 

Apart from the same, it all comes down to your personal preference, which insurance plan you want to go for. For some, it might be leaving a legacy for the business. While for others, it is to offer financial stability to their family in their absence. Finding the underlying agenda will certainly help you to make a better choice. 

Not sure which policy to take? Worry not! Talk to us. We will clear it for you.

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