March 19, 2020
What Type Of Life Insurance Exists ?
Term Life Insurance
- Best suited for more temporary expenses that have an end date such as mortgages, putting your children through university, business obligations or buying out shares
- Term insurance covers you for a specific time and has an expiry date. Most common terms are 10 or 20 years.
- May be renewable at higher premium when they expire (due to age )
- Tend to have cheaper premiums
NOTE** If you pass away within this time, your beneficiaries will receive the death benefit. If the specified time period ends within your life time there will be no death benefit payment and no premiums can be claimed.
Permanent Life Insurance
- Best suited for needs that will always be there such as funeral expenses and income for beneficiaries
- Level premiums for the life time of the policy
- These policies can hold cash value. This may leave an opportunity open to to boost your death benefit, pay your premiums, supplement your retirement income, or take out a policy loan.
For more information about the features of our life insurance policies you can contact as us here.