When you love your family, you want to give them the best of everything in this life and after your death too. We know it’s hard to think like that but there are a lot of people out there who think about the consequences that their family would have to face if they die all of a sudden. This is where we come to discuss about the life insurance plans where you pay a premium all your life to a certain insurance company and when you or some family member, who has a life insurance as well, dies, the company would take care of the financial matters.
Living in the US, you would find that there are a lot of companies working for the life insurance coverage plans and they are facilitating people up to the mark too. So here we are to tell you all you need to know about this life insurance and how it can help you and your family in the time of crisis.
Choosing the right policy for you and your family could be something overwhelming because it makes you think of your death which is honesty not an easy thing to do. And also because there are several options available for you too, you need to think before taking some measure in this matter.
What are the different types of life insurance?
Here we are to tell you that when you would start looking for your options in the life insurance, there you would find two options. One is term based insurance plan and the other one is permanent. When you choose the term based plan, you are actually opting to get a plan that would stretch on a specific length of time, on the other hand, the permanent plan is the one that is lifelong. Therefore, you must choose wisely. Sites like profam.com can help you with the selection and planning of the type that suits you.
The three different types of life insurance from any company are based upon the three following categories.
- Term life insurance plan
If you are looking forward to purchase a plan that has the least expenses but is made for a specific length of time and would end soon too, then you should go for the term life insurance plan. it usually stretches from 1-30 years and it expires at the end of the term. For each case, the term is defined according to the will of the owner.
- Whole life insurance
It is a part of the permanent life insurance plan which is as long as you are paying the premium. When you stop paying for it, or else you die, this plan expires and you get the promised benefits.
- Universal life insurance
It is also a part of permanent life insurance and it is somewhat flexible to the previous one. You can easily get it customized according to your needs.