Wednesday, July 22, 2009

TERM LIFE INSURANCE- TYPES

If you buy any type of life insurance, you should have at least some basic information about that product and related other product available in market. This will surely save your money.
Term Life Insurance has many different types. Each type has its own features and benefits. Here, you will get the short but key information about the Types of Term Life Insurance.

Annual Renewable Term Life Insurance Policy
Annual Renewable Policy is the largest selling policy of Term Life Insurance. As the name suggests, you have to renew this policy to continue your insurance cover. At the time of buying this policy you have to give a medical test, but at renewal time no new medical test required. In this Policy, Insurance Premium is cheap at young age, as your age increase premium amounts will also gradually increases.

Nonguaranteed Term Life Insurance Policy
This Term Life Insurance Policy is for one year. During this year if you die, Insurance Company pays. Each year or time you buy Nonguaranteed Insurance Policy you have to pass out from a medical test. If you fail in this test you will either pay more or not buy this Insurance Policy. You have to give this medical test before each time you buy Nonguaranteed Term Life Insurance Policy.

Convertible Term Life Insurance Policy
Convertible Term Life Insurance Policy offers you the facility to convert it to a Whole Life Insurance Policy (Permanent Life Insurance Policy). To convert, charges are applicable. Amount of these charges can be change as per different Insurance Company. Normally people convert their Insurance Policy, when they have some health problem and the amount of Insurance Policy increases.

Level Premium Term Life Insurance Policy
From any reason, you do not pay you Insurance premium and the Policy may be expire. After the expiration, you want to renew your Insurance Cover than you can. This is the main benefit of Level Premium Term Life Insurance. To renew it, you have to pass the Medical Test. If you fail in this test it will be more costly to get it. So, you can think about the Convertible Whole Life Insurance Policy instead of this.


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Monday, July 20, 2009

WHOLE LIFE INSURANCE POLICY - ADVANTAGES

Yes, you are right. You must have to know that the product you are going to buy is actually giving you benefits and if yes, than which?

Save Time and Easy Process
There are many different factors and qualities that make the Whole Life Insurance different than other. One of the best quality is that, the Whole Life Insurance save time. Once you bought Whole Life Insurance, you are secured for lifetime. There will be no need to buy any other life insurance policy in the future. By this way you can save your time. “Single Premium Whole Life Premium” is a type of Whole Life Insurance. In this type, you have to pay your premium only one time and than no need to pay any Insurance Premium in future. So, if you do not want to waste you time & energy in buying and paying Insurance premium, the Whole Life Insurance will good for you.



Tax Benefit
Nowadays people are trying and finding new ways for save their income tax. For them, Whole Life Insurance is profitable. Some Plans of Whole Life Insurance will save your income tax.



Easy Conditions
While buying some kind of Life Insurance, there is a long process. But in Whole Life Insurance there is very short and less process to buy. There is no needing give medical examination while buying and also in future as other Life Insurance Policy. To buy a Whole Life Insurance does not take much time because; of it have short process and less documentation to submit. SO, it’s a user friendly.

Wide Range of Policies
Whole Life Insurance has so many different types of Life Insurance Policies. So, there is a huge option for buyer to choose from. Each policy has its own advantages (benefit). For Example, if someone wants to pay only one time Insurance Premium, “Single Premium Whole Life Insurance” is for them. “Limited Premium Whole Life Insurance” is for them who wants to pay insurance premium for limited period. Whole Life Insurance provides the benefit to choose any policy form its wide range of types. (Click here for more types and detail information of Whole Life Insurance)



A Whole Life Insurance Policy helps you in your critical financial time. You can take Loan form any bank against your Whole Life Insurance Policy. This Insurance Policy works as a loan guarantee.










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