After all, wherever does one realize the time in your life to trust things like life insurance whereas you are troubled to stay work and residential life pressures in check?
Our departure from this life though cannot be predicted.
You and your partner could live a decent life to a ripe maturity, or you could pass away tomorrow.
If the worst were to happen to you, where would that leave your partner and your dependants? Would they be financially secure for the rest of their life after their loss and not have to worry about paying the mortgage?
If not, then a life insurance policy may be a should.
Life assurance, also known as life insurance, is an assurance policy that pays out a lump sum to a named person(s) in the event of your death. This type of assurance policy is inexpensive to maintain, assurance premiums being very low if you take up the assurance policy early in life. Depending on the nature of the assurance policy you may pay assurance premiums up until the end of your life or up until a specified age.
You can also format your assurance policy as a single life policy or as a joint life policy.
For married couples with a mortgage and/or dependants, a joint life policy is often the preferred type of assurance to opt for as the assurance policy has the flexibility
to pay on initial death or second death.
An assurance policy that pays out on first death is beneficial for those carrying a mortgage and where the deceased's life partner and/or dependants are still alive.
Types of life assurance policies
When considering buying into a life policy you'll find three basic types of assurance policy available from assurance companies - term assurance, family income assurance and whole life assurance.
Term assurance - Term assurance may be a easy life policy that pays out a tax-exempt payment upon your death.
This is a basic life policy that runs to a such term, often coinciding with the life of a mortgage.
Family financial gain assurance - This life policy may be a set term assurance policy that pays bent dependants do you have to die throughout the term of the peace of mind policy.
Pay out is on a regular basis (like an income) until full term of the assurance is reached.
Whole life policy assurance - this is often associate degree open-ended assurance policy that pays out a payment upon your death, no matter after you depart this life.