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The simple answer to this question is no.
Life insurance is not designed to serve as a form of investment. Rather, it provides a cushion for your dependents should you pass away and therefore you’re no longer able to take care of them.
Here, we’ll share everything you need to know about life insurance including how this policy works, the different types of life covers, and the payout process.
Let’s dive in!
How does life insurance work?
Life insurance aims to provide your loved ones with a cash payout in the event of your passing away. You are required to make periodical payments (usually monthly) known as premiums. The amount of payout released to your dependents depends on the level of cover you take as well as the type of policy as we’ll discuss below.
Different types of life insurance policies
Life insurance policies come in different forms, each serving different purposes and having varying coverage periods. A common factor though, is that all these policies pay out when the insured passes away.
The most popular life insurance type is the level term cover. It protects the insureds for a fixed duration and only pays out when you pass while the policy is still valid.
The whole of life insurance is yet another popular type of coverage. Unlike level term insurance, this policy provides protection for the rest of the insured’s life.
Other little-known types include the over 50s life insurance, family income benefit and non-medically underwritten life covers. The latter provides life coverage to people aged between 50 and 80 years without answering any medical questions or undertaking a medical examination.
Do you have dependents who will find it challenging to cope without your income… Read More
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