What can be better than knowing that your family will be financially protected even when you will no longer be there to provide for them, right? The thought surely helps you feel better but is there a way that makes it possible?

The biggest fear an individual ever has is not being able to protect his family and because life is unpredictable, you cannot be there forever to keep them safe. The only way you can assure to help them once you are gone is through a life insurance policy.

A life insurance policy when bought in your name offers financial aid to the beneficiaries once you have departed. How does the insurance work? What types of life insurance are available? Let us know more!

Life Insurance- The Different Categories Available

Life insurance is your saving with an insurance company that is provided to your beneficiaries when you pass away. It works as financial security for them; replacing incomes and helping them survive until they have settled things after your demise.

Although life insurance does sound like a safe choice, choosing the right one can be a real struggle. Thus, before you are quick to decide, understand that life insurance falls into different categories:

1. Limited payment pay whole life policy

2. Simplified issue insurance plan

3. Group life insurance etc

Amongst all, the limited payment pay whole life policy offers flexibility and unlimited benefits. Hence, let us dig deep into what this is!

What is Limited Payment Pay Whole Life Insurance Plan

A limited payment pay whole life insurance plan extends over a lifetime with premiums that are paid over a specific period. The premium payments depending on the terms you choose are as follows:

1. Premiums that are paid over a predetermined time frame like 10 to 20 years

2. Paid for the exact amount of time that was specifically agreed upon when buying the policy like 18 to 25 years

3. Paid over a lifetime that is until you turn 65 years of age

Irrespective of the premium terms, life insurance remains intact over a lifetime and can easily be claimed by the beneficiaries once you die.

Advantage of Limited Payment Whole Life Policy

A limited payment whole life insurance plan sounds pretty tempted, right? Especially when you do not have any source of savings or methods to do so. Unlike most insurance policies, life insurance offers many benefits that carry themselves even after you have departed the world. Having said that, here is what benefits you can enjoy with the limited payment whole life policy:

1. Limited Premiums

Once you retire, paying premiums for your insurance plan can become quite a struggle. However, with the limited payment plan, you can save yourself the hassle. This plan allows you to clear premiums over a predetermined period, way before you retire hence making it easier for you in the future.

2. Extends Over a Lifetime

The basic goal of buying life insurance by you is that will help your beneficiaries survive once you have passed away. Thus, unlike other life insurance policies, the limited payment plan does not expire once you reach the age of retirement and hence, is still active until you or the beneficiaries decide to withdraw the cash.

3. Growing Cash Value

Little do people know that when you pay cash upfront for this plan, you gain more interest over the next years due to compounding, hence increasing the cash value for greater benefit.

4. Peace of Mind

Imagine knowing that your family is financially protected even after you die. Doesn’t the thought make you peacefully at night? It surely does and this is what exactly you can achieve from investing in a life insurance plan.

The policy provides you a guarantee of looking after your family by compensating for the loss, hence helping them cope with the trauma and survive the difficult times. The thought itself will keep your mind at peace, improving your focus to the present so you can do better now.

Have You bought a Plan Yet?

Have you already bought a life insurance plan? If you have not then make sure you connect with a good and highly reliable insurance company that will help you make the right decision.

To make your future secure and present peaceful, preplanning through the limited payment whole life policy plan is the best way to make things right. It is indeed the planning that will help you identify the right options for you and will in turn allow you to make all the right moves, not just financially, but also related to many different aspects of your life which are indirectly attached to your financial decisions.

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