| If we count our possessions to assess our | | | | term of the policy, the payments remain the |
| most important assets, our lives would always | | | | same without any worry of hikes for a a fixed |
| rank at the highest. It thus makes perfect | | | | term. And this is where the policy derives |
| sense to give it the protection it deserves | | | | its name from. The fixed payment for fixed |
| with a life insurance policy. It is a popular | | | | term helps you to calculate your payments |
| policy as it is, in the UK. It is a positive | | | | till the term applies. However, as soon as |
| sign that more and more people are getting | | | | the term expires which is generally to the |
| down to understand its benefits and apply | | | | tune of fifteen years, the validity of the |
| with the many convenient means and resources | | | | policy is over and no insurance claims can be |
| available these days. There are two main | | | | entertained thereafter. 2. Whole Life |
| types of life insurance policies: 1. Level | | | | Insurance: This may prove to be a better deal |
| Term Life Insurance Being the cheapest form | | | | if you're thinking from a long-term |
| of insurance, it is also perhaps the most | | | | perspective, although the premium may be on |
| preferred one. In the event of your death, | | | | the higher side. This policy has no fixed |
| your family or your dependants or | | | | period and is applicable for insurance claims |
| beneficiaries, as who you name in the policy, | | | | anytime no matter when the insured person's |
| shall be eligible to receive a lump sum | | | | life ends. So this policy, as the name |
| amount upon claim. With not much to spend | | | | suggests, works for your whole life and |
| thus on high premiums, you can have the peace | | | | guarantees a payout when you die. Apart from |
| of mind that an insurance policy brings to | | | | availing to these two major kind of life |
| you. Although this policy is applicable only | | | | insurance policies, you can also go for |
| in case of death of the holder during the | | | | add-ons like critical illness cover. |