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Life Insurance
What is Life Insurance?
Life Insurance is an Insurance plan that will give your family or your chosen beneficiary the insurance coverage after you die. It is the most advantageous plan due to one of the reasons that the insurance coverage is totally tax-free.
Whether you are getting married, planning to grow your family, or buying a new house, Life Insurance will give you a sense of safety. If anything happens to you, your family won’t suffer financially after you due to your Life Insurance coverage.
You can use the Insurance money for the following purposes;
- To Pay your Funeral expenses
- Children Education
- Pay your debts
- Substitute for your earnings to support your family, etc.
What are the Types of Life Insurance?
Term Life Insurance
It is a type of Life Insurance valid for a specific time period or age of the Insurer. If the Insurer dies before a particular time or age, the chosen beneficiaries will benefit from the insurance plan. Some Term insurance plans are valid for 10 to 40 years(time can vary, per plan) and some till the age of 65 years( age is variable, per plan).
Sadly, if you die within active term Insurance, your family can only get the Insurance benefit. Term Insurance can or cannot be renewed depending on your chosen plan.
If you die within the time of the active policy period, the Insurance Company will pay your beneficiaries the death benefit. Once the term ends, the coverage ends, and your beneficiaries don’t receive any payment. It is necessary to timely pay the premiums. Otherwise, the Insurance Company can cancel the Insurance policy.
Of course, Term Insurance is too cheap. However, premiums can change if you renew your plan. It is usually used for financial interest or matters related to real estate.
Whole Life Insurance
Whole Life Insurance is a Permanent Life Insurance that provides coverage for Insurers’ death throughout their lifetime. If you choose this policy, your family can claim Insurance coverage if anything happens to you throughout your life. It is a Long term Insurance plan.
Unlike Term Life Insurance, the policy isn’t active for a particular period. Plan payments are also flexible as you can choose the monthly or yearly payment option.
The invested amount has a cash value. Therefore you will get a certain amount even if you cancel the plan in between. It is an excellent perk of Whole Life Insurance.
If you look carefully, it is more expensive than Term Life Insurance, but Whole Life Insurance is more beneficial in the long term.
Why Choose Amit Rana Insurances?
Expert Assistance: Mr. Amit Rana, with his years of expertise, is here to advise you on the best Insurance plans.
Building Relations: Instead of one-time client consultation Mr. Amit Rana believes in building good relations with his customers.
Best Service: With the most promising Insurance plans, Mr. Amit Rana provides the Best Insurance services in Canada.
Privacy: Mr. Amit Rana believes in keeping his clients’ Information confidential and respects his customers’ privacy.