Term Life Insurance - Basic Information
What is Term Life Insurance?
In term life insurance, a large number of people (called policy holders) pay a certain sum of money (premiums) into a fund managed by an insurance company. When someone in that group of people suffers a hardship (death), he/she is given an amount of money from the fund to help ease the hardship.
Why Do You Need Term Life Insurance?
- It can help protect your family's home and livelihood, help replace your income, and minimize the debt load for you beneficiaries. In addition, proceeds paid to beneficiaries are not subject to income tax.
- To make sure that your immediate family has cash and income after your death so that they can easily pay bills, taxes, and other obligations.
- To make sure that your immediate family members are able to maintain their standard of living upon your demise.
- For your children to have money for education.
- For you to have a savings plan for the future so that when you retire, you have a constant source of income.
- To make sure that you have extra income when your earnings are reduced due to a serious illness or accident.
Types of Life Insurance:
- Universal Life Insurance
- Variable Universal Life Insurance
- Whole Life Insurance
- Term Life Insurance
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