Life Insurance


New to buying life insurance cover? Scroll through for detailed information.

Life insurance is a legally binding contract between an insurance company (insurer) and you (policyholder). Under this, the policyholder makes regular payments called premiums to the insurer in return for financial security to his/her family (beneficiaries or nominees). The face amount (financial security) in life insurance, which is a lump sum amount, paid either in the event of the policyholder’s death or upon the policy’s maturity, depends upon the type of insurance policy bought. Several modern policies even pay this amount in case the insured is diagnosed of a major health condition or debilitating accident.

In addition to protection, life insurance also acts as an effective investment/savings option to meet your financial goals such as higher education, marriage, buying a house, retirement, etc.

Types of Life Insurance

Picking the best of the best life insurance plans can depend on multiple factors such as the number of members in the family, marital status, health status, and savings plans. Hence, you need to make an informed decision. Let’s begin by understanding the three most common types of life insurance and the role they could play in your family’s financial future.

  • Simple and affordable
  • Fixed premium
  • Protection for a fixed period then will lapse
  • Usually includes critical and chronic accelerated benefits
  • No cash value
  • Expires in 10/15/20/30 years
  • No lifetime coverage
Whole Life
  • Fixed premium
  • Tax-deferred saving (can pay dividend and be borrowed)
  • Lifelong protection
  • Guaranteed cash value accumulation
  • Expensive
  • Inflexible premium
  • Takes longer to build cash value
  • Surrender charges
  • Flexible premium
  • Death benefits
  • Savings options
  • Premium may rise if interest rates decline
  • Death benefit may drop
  • Low interest on cash value
Why Should You Get Life Insurance?

Do your parents, children, or partner depend on your income to cover loan or daily expenses? If you just nodded in agreement, you probably need a life insurance cover. It is designed to help your family or other beneficiaries cope financially in the event of your untimely death.

This also applies to adults who co-own a property, businesses with key employees, families who expect to owe estate taxes, and young adults who have short or long-term financial goals such as higher education, marriage, or property investment to fulfill.

How Much Does Life Insurance Cost?

Before you go googling most affordable life insurance plans, understand that the purpose of your policy is mainly two-fold: first, to provide protection to your dependants and second, to help meet your financial needs in the near future. So, you need to pick the plan accordingly.

Life insurance can be a good addition to your living expenses. The cost you pay for your life insurance is determined on how much coverage you need and isn’t the same for all. Other factors that influence cost are age, health, lifestyle, liabilities, and the length of your policy. It is suggested that your insurance cover must be about 5-15 times your annual income depending upon age and forecasted need.

How Can You Buy Life Insurance?

You can contact one of our licensed agents by phone or email to get started. Once the right company and plan is chosen, the rest is simple. Please note, 90% of our cases require no exam, blood or urine.

Frequently Asked Questions

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But, we simply don’t believe in the “one-size-fits-all” approach.

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Protect your family today. 90% of our cases require no needle or exam and can be processed remotely via email or in person. (up to $1,000,000)

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