When talking about life insurance, some people call it a waste of time and money. They argue that death is inevitable then what is the need for a life insurance. It’s probably because we don’t live alone our entire life, and with time we get married, produce kids, and become responsible for the well-being of many more people other than ourselves - those who we refer to as a family.
Now, you might not be capable to fulfil their needs for the rest of your life, especially after your death. But you can take a life insurance policy to pay for your family’s financial needs after you, and ensure a sustainable life for them as long as they don’t grow self-independent financially.
Owing to the above discussion, below are three popular types of life insurance policies you can apply for:
1. Term insurance: Term insurance is the cheapest and the simplest form of life protection plan to understand. It covers you for a particular period. The premiums are quite lower as compared to other plans, and you get financial cover for your family in case of your unexpected death. The only drawback is, you don’t receive anything if you survive throughout the expiry of the policy.
2. Complete life insurance: This is the ideal plan suggested by most insurance experts, the same covers you throughout your life. The beneficiary gets a lump sum amount if the insured dies along with the bonus that matures on the assured sum.
3. Money back policy: A relatively popular scheme wherein a portion of the assured sum is paid to you throughout the scheme’s duration, referred to as the survival benefit. The remaining balance is paid in form of maturity balance in case the policyholder survives. Having said that, if the insured dies, the family receives the entire assured sum irrespective of the periodical survival benefits paid earlier.
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