Saturday, July 09, 2011

Life Insurance

Life insurance offers a way to replace the loss of income that occurs when someone dies. It is a contract between you as the insured person and the company that is providing the insurance. If you die while the contract is in force, the insurance company pays a specified sum of money free of income tax to the person you name as beneficiaries. It is a insurance for you and your family's peace of mind. Its function is to help beneficiaries financially after the owner of the policy dies.
It can also be a form of savings in the long run if you purchase a plan, which offers the option of contributing regularly. Additionally, a little known function of life insurance is that it can be tied in with a person's pension plan. A person can make contributions to a pension that is funded by a life insurance company. These are considered private pension arrangements.
1.      Term Life Insurance
2.      Whole Life Insurance
3.      Universal Life Insurance
4.      Children's Life Insurance
5.      Senior Life Insurance
6.      Mortgage Protection Life Insurance

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