Life can be confusing and complicated at times and so is buying life Insurance. Understanding the different types of life insurance can be easier with our help. Your personal situation will determine your life insurance needs. The amount of life cover you needs depends on several factors like your other sources of income, how many dependents you have, your debts, and your lifestyle. The general guideline is between five and ten times your annual salary.
The premium amount depends upon
• Your age
• Policy selected
• Mode of premium payment
• Term of premium payment
• Term of the policy
One can choose to pay premium monthly, quarterly, half yearly or annually. However, there are Single premium policies as well.
Life insurance can offer financial protection for your family. All families and their circumstances are different and your priorities and needs are unique. That's why there are different types of life insurance options available to help meet a variety of needs.