There are many types of life insurance products available to meet the differing needs of many individuals and families. It is often difficult to understand what kind of protection each policy offers. In order to evaluate which life insurance policy will meet your particular needs, it is important to discuss the matter with an agent or advisor.
Types Of Life Insurance Products
a. Term Insurance
Term Insurance provides for life insurance protection for the selected term (period of years) only.
b. Whole of Life Assurance
As the name suggests, the whole life insurance policies are intended to provide Life Insurance protection over one’s lifetime.
c. Endowment Assurance
These policies assure that the benefits under the policy will be paid on the death of the life insured during the selected term or on his survival to the end of the term.
An annuity contract is an insurance policy, under which the annuity provider (insurer) agrees to pay the purchaser of annuity (annuitant)a series of regular periodical payments for a fixed period or during someone’s life time.
2. Unit Linked Insurance Plan
Unit Linked Insurance Plans allow for the coverage of an insurance policy, and provide the option to invest in any no. of qualified investments such as stock, bonds or mutual funds.