If you don't have an umbrella even a newspaper helps when it rain.
TERM
INSURANCE
Term
insurance provides temporary Life Insurance protection for a
specified period of time. The policy benefit is payable dur to the insured dies ,Critical illness or become totally permanently disabled during the term.
Premiums payable is level
(the same) during the policy period. This can also be called as a
rider which is an attachment to a Life Policy.
Generally,
team insurance is purchased because it is the simplest form of Life
Insurance which provides the greatest insurance protection at the
lowest premium. The younger you are the lower the premiums charged.
Normally no payment will be
payable in the event the insured survived the period of cover. There
is little or no cash value for this policy.
It
can also be used as a key man policy/mortgage loan, financial loan.
It can also be taken out to cover a period of when the children are
at college or university to ensure that their education will not be
disrupted due to death or disabling of the bread winner.
Most of the financial guru's will advice you to buy this and invest the balance. Which is good, Getting a life plan with all your medical cover first will be a better choice.
Today you may even get investment link policy sometime cheaper than term policy.
The best investment is investing on yourself by protecting your future unearned income.
( Ref: MII RFP )
About
the author: Kertar Singh has joint
Great Eastern Life Assurance in August 1995 as a part time agent.
Became a full time agent
in 2000 after retiring from the army after 22 years.
He deal with all kind of
Insurance from Life Insurances to General Insurances and Will
Writing.
Kertar.en@gmail.com
H.P 013-322 8582
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