There are two main types of Life Insurance:
Term Assurance & Whole of Life or Endowment Policies
What is the difference between Term Assurance and Whole of Life or Endowment policies?
Term insurance provides more insurance for less money than whole of life policies. This is because premiums are lower, as the insurance company may not have to pay out at all. Therefore you are able to purchase more coverage when you most need it.
Life Insurance is a Safeguard for Family Members
Life insurance is a safeguard for family members if the major supplier of income were to die and it were to grievously upset the common means for providing the basics of life. This does not include the burdens of financial expenses for burial, taxes, unplanned or emergency expenses, and furthered educational expenses for children or to have the spouse go back to school to become the primary breadwinner of the family. Life insurance is also not affordable when you are young and just starting out with a family and not always a main concern for the young. Most young people to do not think about death or their mortality, and hence, they do not see a necessity for life insurance. As we grow older, our needs and wants to secure a financial future for our loved ones necessitate the need to evaluate all options for achieving this goal. The cost and availability of features such as these could be a key issue in deciding which policy to accept.
There are really different types of life insurance available for people to purchase in State life Insurance corporation of Pakistan, which are Term life insurance, Whole life insurance etc.
People have to decide for themselves what is going to best for them and for their future. Understanding which life insurance policy will be right for you entails setting one primary objective for yourself and your family by answering two basic questions.
First, do I simply need death protection in the event of my death? Second, do I want both death protection and a savings element for my family and I to cover retirement costs if I do not pass away before retirement?
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