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Life Insurance
What are the types of life assurance we have?
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[QUOTE="Min Eduok, post: 293740, member: 94713"] [HEADING=2] Types Of Life Assurance[/HEADING] Are there different types of life assurance ? Yes, there are different types of life assurance. Some examples include term life insurance, whole life insurance, universal life insurance, and variable life insurance. Each type has its own specific features and benefits, and is designed to meet different needs and financial goals. It is important to understand the differences between the types of life insurance and to choose the one that is best suited for your individual needs. Term life insurance is a type of insurance that provides coverage for a specific period of time, usually 10, 20, or 30 years. If the policyholder dies during the term, the death benefit will be paid to the beneficiaries. If the policyholder outlives the term, the policy will expire and no death benefit will be paid. Whole life insurance, also known as permanent life insurance, provides coverage for the entire lifetime of the policyholder. It also accumulates cash value over time, which can be borrowed against or used to pay premiums. Universal life insurance is a type of permanent life insurance that offers flexibility in premium payments and death benefit amounts. The policyholder can adjust the premium payments and death benefit within certain limits, as long as the policy remains in force. Variable life insurance is a type of permanent life insurance that allows policyholders to invest the cash value of their policy in a variety of different investment options, such as stocks and bonds. The cash value and death benefit of the policy will vary based on the performance of the underlying investments. It is important to consider your financial goals, budget and time horizon when choosing the type of life insurance that's right for you. An insurance agent or financial advisor can help you to understand the different options available and choose the best policy for your needs. [/QUOTE]
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What are the types of life assurance we have?
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