What is Life Insurance?
life Insurance is an Insurance in which the Insurance company pays your beneficiaries premiums paid after your death a so-called death pension.
Personal Life Insurance
In order for us to determine the best life insurance plans for you, we take into account your mortgages, your income, assets and other expenses. In most cases, once a plan is taken, in most cases, the terms of the life Insurance policy will remain the same.
Term Life Insurance
Term policies provide insurance coverage for a specific period of time such as fixed number of years, or to a set age after that the policy expire. A death benefit is paid only if the policy holder dies during the term of the policy. Here, you have to pay premiums to keep the policy alive. These are normally divided into two.
1 Year Term – Marginal increment in premiums paid.
5 Year Term – Marginal increment in premiums paid for up to 5 years and then the premiums are readjusted the next few years.
Ask us about our 10 Year Term today. Term policies are commonly available for terms of one, five, 10 or 20 years, or to age 60 or age 65.
Whole Life Insurance
An amount of premium is fixed and you pay the same amount for the remainder of your life. Because of the lifetime coverage period, whole life usually has higher premium payments than term life.
Universal Life Insurance
Universal life Insurance is a type of permanent life Insurance designed to provide lifetime coverage. You have a choice of becoming an investor with the Insurance firm, in this case, Gurinder Chahal Insurance Specialist. You will be submitting more dividends on top of the premium payments which will be fixed.
Upon maturity, a payout will be given when the policy expires according to the market rates at that time. Another common use is long term income replacement, where the need extends beyond working years. Some universal life Insurance product designs focus on providing both death benefit coverage and building cash value while others focus on providing guaranteed death benefit coverage.
