Life Insurance

Find right Life insurance for you

Life insurance can be defined as a coverage, which covers your life for unexpected emergencies. In case something unexpected happens to you, a tax-free death benefit is paid to your beneficiary.

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Why life insurance coverage is required?

Life insurance is mainly of 2 types- Term insurance and Permanent insurance

Term insurance is specific and the premium is guaranteed for the term selected. Term insurance is cheap and affordable coverage. It is mostly used to cover your short- and medium-term financial goals like mortgage loans and other debts.

Term insurance is renewable and convertible:
Renewable –Term insurance policies are automatically renewed at the end of the term.The same term is renewed with a higher premium based on age without the need of medical exam.

Convertible - You can convert your term insurance policy into a permanent policy up to a certain age without having to undergo a medical exam.

If an insured person dies within the covered term, the death benefit is paid tax-free to the beneficiary.

Permanent insurance also known as whole life insurance. As the name suggests, it covers you for whole life and is permanent coverage. This is expensive because the premium payment options are of limited time (10 pay,15 pay,20 pay,65 pay) but the coverage is for the whole life. Cash values can be taken out for emergencies and retirement needs.

There are three main types of whole life insurance:

1. Traditional life insurance: It is the basic whole life insurance with guaranteed premiums for the period selected. Cash values are guaranteed and don’t fluctuate with the market volatility. This is suitable for older and budget conscious clients. Death benefit remains same and paid tax-free upon death of insured.

To pay your mortgage and other debts after death
To pay for final expenses
To pay for your estate taxes

2. Universal life insurance:

To maximize the value of your estate
To grow your money tax-free in the policy
To pass on the large tax-free inheritance to next generation
To pay the taxes of your estate

3. Participating life insurance:

To accumulate cash values that grow tax free in the policy
To increase the value of your estate
To increase your death benefit to keep pace with inflation
To save money for your retirement

Each type of insurance has its own benefits. The choice depends on your needs and priorities and of course your budget!!

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