Life insurance should be one of the most important insurance every
family should have in its armory. Most people try to shy away from life
insurance which actually is like shying away from the inevitable. As much as we
don't like to talk about it, death happens to us all. Since we cannot escape
it, what happens to people you love after you're gone? This is what life
insurance hopes to answer.
Having life insurance ensures that your loved ones receive a lump sum
of money when you did. This will go a long way to reduce the financial burden
on them. While having a life insurance is important, according to insurance
experts at Greater National Group, it is certainly not the end of it. You have
to keep it updated by reviewing the terms it covers. This process ensures the
coverage is sufficient enough in case of an unexpected loss of life.
Basically there are two main types of life insurance: Term insurance
and whole-of-life insurance. The second one seems self-explanatory with the
name but Term insurance is one that would pay you a lump sum if you die within
specified number of years. This type of life insurance would need periodical
renewal to stay viable. Whole-of-life insurance offers coverage and protection
for a lifetime. Ideally, its premium is more expensive than the Term insurance.
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