Life Insurance - Parivar Insurance Consultancy
Life insurance is a contract between you and an insurance company. You pay regular premiums, and in return, the company promises to pay a lump sum of money to your family or loved ones when you pass away.
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Benefits of Life Insurance
- Financial Security for Loved Ones :It helps provide money to your family to cover everyday expenses after you're gone.
- Cover Debts :It can pay off loans or mortgages, so your family doesn't have to worry about those.
- Income Replacement :If you're the main income earner, it helps replace lost income, so your family can continue living comfortably.
- Education :Health insurance covers emergency medical situations, which can otherwise lead to significant out-of-pocket expenses.It can also be used to pay for children's education or other future expenses.
Types of Life Insurance
- Term Life Insurance : Covers you for a set time (like 10 or 20 years). If you pass away during that time, your family gets the money.
- Whole Life Insurance : Covers you for your entire life and also has a savings or investment part that grows over time.
- Universal Life Insurance : Similar to whole life but with more flexibility, allowing you to adjust payments.
Use of Life Insurance
- Protect Family: Ensure your family is financially safe after you’re gone.
- Pay for Funeral : Help with funeral and final expenses.
- Cover Living Expenses : Make sure your family can maintain their lifestyle without financial stress.