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What is Life Insurance and What are Its Benefits

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Learn what is life insurance, why we need it and what are its benefits. Blue Umbrella Financial Services is the best insurance and investment company in Canada started by Viresh Mathur, a renowned life insurance broker. For more details you can visit at http://ucoverme.com/ or contact at 416-848-4581.

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What is Life Insurance and What are Its Benefits

  1. 1. What is Life Insurance? Learn How it Works and Types of Life Insurance
  2. 2. Life Insurance: It is a contract between the policy owner and insurance company, where the company provides a lump-sum payment of the insured individual's death or other event such as terminal or critical illness. It is chosen based on the needs and goals of the policy owner. There are many types of life insurance. Some of the Commom types are discussed below: 1. Term Life Insurance 2. Universal Life Insurance 3. Whole Life Insurance 4. Permanent Life Insurance 5. Travel Insurance 6. Medical Insurance
  3. 3. Why do we need life insurance? No one needs to depart their family unprepared for the long run. Designing nowadays will defend the promise of your family’s tomorrow. 1. We need life insurance to provide money to replace our income if we die so that our families can maintain their standard of living. 2. Life insurance benefits can be used to pay off debt and help create more financial security for your family. 3. Life insurance benefits provide cash that can be used to pay final expenses like medical bills, funeral or legal expenses. 4. A life insurance policy can supply money for children to go to college. Or, in the case of special needs. 5. A life insurance policy is a great way to leave money behind for your family or for a charitable cause.
  4. 4. Benefits of Life Insurance1. Life insurance will fulfill several desires. one in all the first desires is to guard the money well-being of your survivors by maintaining their current way within the event of your death. nsurance provides a tax-exempt lump-sum benefit, which might be invested with to produce inancial gain for a better half or dependent youngsters. Parts of a benefit are often won't to pay off debts and eliminate the necessity for survivors to still meet reimbursement schedules. 2. Life Insurance is a long-term contract where as policyholder, you have to pay a fixed amount at a defined periodicity. This builds the habit of long-term savings. Regular savings over a long period ensures that a decent corpus is built to meet financial needs at various life stages. 3. Policyholders have the option of taking loan against the policy. This helps you meet your unplanned life stage needs without adversely affecting the benefits of the policy they have bought. 4. A life insurance policy can offer unique advantages. If a family-class beneficiary — such as a spouse or child — is designated as the beneficiary of the life insurance proceeds, the policy may be exempt from seizure by the creditors of the policy owner or life-insured.
  5. 5. If you want to learn more about life insurance then visit http://ucoverme.com/ or contact at 416-848-4581
  6. 6. If you want to learn more about life insurance then visit http://ucoverme.com/ or contact at 416-848-4581

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