Life insurance

Life insurance is necessary for both individuals and singles. If there is any one around you who is financially dependent on you, life insurance is a must. Life insurance is a tax-free benefit which usually covers your funeral expenses, mortgage, and other debts when you are no longer there to take care of them.

What are the basic types of life insurance?

Term policy

Term Insurance is the most low-cost and affordable form of life insurance which provides you coverage for a temporary period of time.

Permanent policy

Universal life (UI)

Universal life insurance combines permanent life insurance with an investment component. Do you know what it means? That means you pay a premium each month, and it accumulates a cash value that you can borrow from or withdraw later. This cash value is not guaranteed.

Whole life

Whole life insurance has permanent life insurance with an investment component as well as universal life insurance, but it offers you consistent premiums and guaranteed cash value accumulation.