Facts and Benefits of Life Insurance
Life cover is the most important benefit of any life insurance that refers to the sum amount of money given to the nominees or beneficiaries in the event of the insurer’s death. With life insurance, you have long-term savings, allowing you to save money and build wealth to meet your needs for your retirement years, and can even fulfill your goal to support a child’s marriage. Life insurance is a great option that can be tailor-made according to your needs and preferences to help you achieve your life goals in terms of supporting your children’s education, marriage of children, buying a new house, or saving for retirement. Life insurance plans have different types including term insurance plans, participating traditional insurance plans, retirement and pension plans, non-participating traditional insurance plans, unit linked insurance plans (ULIPs).
Term insurance plans are the most affordable type of life insurance which provides a life cover for a specific time frame, and in the event of the insurer’s death, the nominee receives the benefit for his financial future. Guaranteed and non-guaranteed benefits are provided by Participating Traditional Insurance Plans that provide the insurer life cover and profits in the form of bonuses. The insurers of Non-participating Traditional Insurance Plans don’t receive profits from the earning of the insurance company but are provided life coverage and the opportunity to grow your savings. Unit Linked Insurance Plans (ULIPs) involves investment on debt funds and equity and a part of the premium goes to your live cover and the remaining amount is allocated to various funds. Unit Linked Insurance Plans offer potential for higher returns, and control and flexibility of money through fund switch, premium redirection, partial withdrawal, and top-up.
Retirement or pension plans are designed to specifically provide a regular income to the insurer after retirement. You have the option to invest a lump sump money or pay regular premiums, and once you reach your retirement age, you will receive a lifelong pension or regular income. Some retirement or pension plans also offer extension of regular income to the insurer’s spouse once the insurer dies. Insurdinary is one of the best life insurance companies in Canada, offering life insurance without medical exam Canada based company. Insurdinary is your best partner when it comes to retirement and pension plans. It is best to secure your family’s future as early as now, get a life insurance now! It is best to invest in a life insurance as early as now no matter what your financial goals are, and regardless of your age so you can secure your future and your children’s future as well.
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