No matter how advanced we are in science and technology, there is no way we can predict our future with great accuracy. Each event that unfolds is our lives could come as a pleasant surprise or also be a rude shock to us. We have no choice but to be prepared for all these uncertainties. Life insurance policies can support you through the lean phases of life. It is common to think that life insurance policies are only meant to secure your loved one’s future, but explore the options you have among them and you will see several options you can select from.
One of the most talked about plans is the term insurance policy. This policy is beneficial when you are looking for a risk cover for a specific period of time. These policies do not demand huge premiums simply because they provide risk cover only for a specific period. The insurance holder can enjoy the peace of mind that his family will be given the sum assured if he loses his life during the cover period. This is best for people who want something that is not too expensive but can give them the assurance they are looking for.
If it is whole life that you are worried about then you must know about whole life policies that cover you till the end of life. These policies require you to pay the premiums for a specified period of time as specified under the policy and you can enjoy the life cover extended to you by the policy. Paying premiums till the end of life may not be feasible to many but these policies are being constantly changed to give maximum benefit to customers. The retirement planning policies being combined with these are classic examples of the changes being enforced to bring forth interesting policies for you.
Endowment policies are seen as one of the most lucrative options that many people are opting for of late. Such policies provide risk cover and apart from that assure savings for policy holders. The policy holders get back the premiums they have paid through the years along with other bonuses. The beneficiaries are given the sum assured if the policy holder expires during the tenure. This policy seems attractive to many since it gives scope for your money to multiply during the tenure period.
The money back policies are being favored by many since the policy holders get to enjoy regular returns for the premiums they pay. This money gives them a chance to make way for a comfortable life today even as they secure the lives of their loved ones in the future. These policies are being combined with ULIP plans to offer exciting options to customers.
Finally, ULIPs are plans that are linked to the markets. These market-linked plans give you a chance to make money through the changing condition of the markets. The advantage in such policies is that you will get a minimal sum assured for the premiums you pay hence guarding you against losses to some extent.
