life insurance

Life Insurance

Life insurance is a protection against any accidental disability or death of a family member. Sometimes the result is the loss of income, and the family is put to hardship. It is an insurance policy on a human life, which does not have a monetary value but it provides a definite amount of money to the dependants of the insured if the insured dies during the period of the policy. There are several different types of life insurance policies including, term insurance, whole life insurance, annuity, return term insurance and these can be for any person from children to elderly people, film actors to laborers.

A term insurance policy pays the stipulated amount to the beneficiary if the insured dies during the term specified. This is the cheapest insurance policy. Return term is a policy that will return all the premiums to the insured at the end of the term specified if he or she outlives the policy. Sometimes the amount is returned with interest. This policy is more costly so one must decide if the higher premiums are worth the end payment. Whole life is exactly that, it is insurance for the rest of the life. This often comes with an investment plan that can be borrowed against during the insured's lifetime.

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