Buy Life Insurance for Life, Good or Bad?

Queennews.com- If during the term of insurance, traditional life insurance is classified into two types, the first type is the one that can cover up to 99 years or whole life (whole life) and the one with the insurance term will be ends within a certain time. a period or a lifetime. Is it worth buying life insurance that offers lifetime protection?

Term life insurance premiums are significantly cheaper than whole-term life insurance premiums because of the shorter coverage period.

However, term life insurance or whole life insurance is available to people with different financial plans. Here is the full explanation.

Subjects participating in term life insurance

Low-income people and dependents should buy term life insurance in advance. Indeed, with low premiums, the insured can purchase life insurance with high premiums.

Over time, as their income increases, they can increase the amount of coverage or upgrade to a lifetime product if needed.

In addition to people with low incomes, term life insurance is also suitable for people with long-term debt. Considering that death is certain and that debts can be passed on to an heir, the person concerned can purchase term life insurance depending on the term of the debt.

Who should participate in life insurance?

The premiums that customers buying life insurance have to pay are much more expensive because the coverage period can be up to 99 years. But the problem is you never know when you will die.

Those who are advised to take out life insurance are those who wish to leave more inheritances to their loved ones.

Inheritance can satisfy the needs of future heirs, but the inheritance process itself can be very expensive. With life insurance, the amount payable can of course be used to pay all costs related to the inheritance process until the final property received is still intact.

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