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In very basic terms, life insurance can be defined as a contract between a policy owner and an insurer which helps the policy owner gain assurance and peace of mind of having a good amount of sum assured for their beneficiaries in case something were to happen to them. There are various kinds of life insurance policies in the market that you can have a look at to choose one as per your needs.
From fulfilling the daily family expenses in the absence of a breadwinner to helping with larger financial expenses, different life insurance types render an array of unique benefits. Here are different types of life insurance options for you to consider:
As the name suggests, in this plan, the policyholder can choose the term period for the policy and generally, it ranges between 10-30 years (some insurance companies offer more). The best policies help in balancing affordability with strengthening the financial aspect in the long term. It includes the following:
Permanent life insurance stays with the policy owner until they deny the premium payment or opt for surrendering the policy. These premiums for permanent life insurance are relatively higher than other kinds of life insurance policies and include the following variants -
If you are wondering about how many types of life insurance are there and struggling with choosing one for you, here are some things you can look into.
- Begin with setting your goals and expectations. Also, it is imperative to look at the expenses that you incur on a regular and monthly basis before choosing a life insurance policy.
- There are different types of life insurance in the market. You should look for plans that best suit the needs of you and your family to have a financially stable future.
- Understand the market availability of the companies that offer life insurance types. Have a look at as many as possible and compare to see what works the best for you.
- Take a close call for the inclusions and exclusions of the different types of life insurance plans by looking into factors like life coverage, claim settlement ratio, and other important records.
- Opt for a professional consultation to avoid confusion amongst the various kinds of life insurance policy.
There are different types of life insurance with their unique features that have many advantages. Some of them are mentioned below.
The kind of peace that comes with securing your loved ones is simply unparalleled. Once you know about how many types of life insurance are there, there are a lot of options in store for you. A life insurance policy is always a good backup plan for everyone out there!
Ref. No. KLI/22-23/E-BB/492
