3 Different types of life insurance policies that you can get

<!-- @page various kinds of life insurance policies that exist from the market. They're term insurance plan, whole life policy, and endowment policy.

 

Types of life insurance coverage policies

The 3 kinds of life insurance policies receive below:

1. Term insurance plan: This type of policy is perfect for a fixed time period. Generally, this kind of life insurance policy has low-premium cost. This kind of life insurance policy provides coverage towards the family of a policy holder about the event of his death. However, the insurance coverage company will give you this coverage only if the policy holder dies inside the policy time.

For example: you'll have taken a term policy of $ 60000 for around 15 years. Your loved ones will get the insured amount only if you have died in this 15 years.

2. Whole-life policy: During these types of life policies, you have to pay premiums for the entire life. In exchange this policy provides you with life-long protection. Which means that your family can get the insured amount about the event of the death, regardless of when it takes place. This is the basic distinction between the term life insurance coverage and the very existence policy. But this insurance policy does not provide coverage for just about any other type of needs from the policyholder. That's the reason, this insurance plan is not extremely popular.

 

3. Endowment policy: This is actually the most popular life insurance coverage. In this type of life insurance policy, the household of the policyholder can get the insured amount about the event of death from the policy holder inside the policy term. However, when the policy holder is alive following the policy term, then your life insurance company provides the insured amount and several investment benefits for example double endowment, marriage, education endowment plans, etc towards the policy holder.