Leah Kelvin
Active member
In the event of a policyholder’s death, life insurance is an important financial tool that provides security for loved ones. As I know, there are different kinds of life insurance available, each with its own features and benefits. Term life insurance offers coverage for a specific period of time and it is cheap, making it ideal for short term needs. Whole life insurance is a type of policy that covers an entire lifetime while also having cash value component although it comes with higher premiums than the other two types. Universal life insurance allows flexibility in terms of premium payments and death benefits just like variable universal does but has interests accrued on cash values.
Variable life insurance allows holders to invest their money in stocks or mutual funds as well as in bonds thus providing higher returns. Variable universal life insurance helps one combine both universal and variable aspects which therefore enables flexibility on payment of premiums; beneficiaries upon death and investment choices respectively.
Moreover, age, health status, family size, income levels and assets or long-term objectives are some major factors to have in mind when deciding on the most appropriate type of cover. In order to cater to changing needs over time, regular assessment of policies is necessary. A licensed agent or financial advisor should be brought on board for professional advice before making any decision as far as this subject matter is concerned .
Variable life insurance allows holders to invest their money in stocks or mutual funds as well as in bonds thus providing higher returns. Variable universal life insurance helps one combine both universal and variable aspects which therefore enables flexibility on payment of premiums; beneficiaries upon death and investment choices respectively.
Moreover, age, health status, family size, income levels and assets or long-term objectives are some major factors to have in mind when deciding on the most appropriate type of cover. In order to cater to changing needs over time, regular assessment of policies is necessary. A licensed agent or financial advisor should be brought on board for professional advice before making any decision as far as this subject matter is concerned .
