Choosing the best insurance policy is pretty an intimidating task. However, in realism, there are many aspects that you must consider before concluding on to the best insurance to purchase for yourself and your family.
What Type of Life Insurance Is Best?
Life insurance has 3 chief options or kinds: Term, Whole Life, and Return of Premium.
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Term Life Insurance
Term life offers a set amount of coverage for a preset amount of time such as 10 to 20 years, and bonuses are generally set at a flat rate.
It is easily affordable
It is renewable
It has an expiry date
NO money is paid out
Whole Life Insurance
Also termed as Permanent life insurance, Whole life insurance gives you security throughout your whole life.
It is permanent.
Whole life policies NEVER expire.
They have fixed premiums.
It assures guaranteed payouts.
Expensive. Because this sort of policy builds up a savings account or "cash value"
Its premiums are not cheap.
Return of Premium
It's a compromise. A return-of-premium policy offers a death benefit that is paid out when you pass away.
It is easily affordable by everyone.
It is easy to understand and shop for.
NO return on your investment. If you survive the opening terms, you will only get back what you paid in. If you terminate this policy, you get nothing in return.