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As long as we are talking important assets, it is a safe bet
that your most important asset is your health. Although death
will not really affect you in a financial since it could have
devastating consequences to your family.
You are going to want to make sure that, in case were to die;
your family will be compensated to make up for the loss of your
income. Don’t gamble with your family’s life, make the safe play
and get assurance that your family will never have financial
hardships after you are gone.
Life insurance is an odd thing. You pay a monthly premium for
something that you never hope you have to use. Life insurance
will cover the costs of your death and protect your family. When
you die your family may have a really hard time surviving
without your income, which is why life insurance policies can
net a family a lot of money.
There are a few main types of life
insurance:
- Term Life Insurance -
Term life insurance provides coverage for a specified number
of years. You pay a premium that buys protection in the
event of death. These policies are lower because it is
unlikely you are to die during the specified term.
- Whole Life Insurance -
Whole life insurance is a little bit more expensive but it
has guaranteed death benefits and guaranteed cash values.
Since whole life insurance policies have cash values you can
accesses this money via a loan.
- Endowment Assurance-This
is where an insurance company will pay out a lump sum when a
person reaches a certain age or dies before reaching this
age. Either way the insurance company will have to pay
out. It is therefore dearer than other forms of
insurance. Endowment insurance is a useful way of
saving while at the same time insuring your life.
NFHI also offers other life insurance
products such as, Family Protection Plans, Education Plan,
Saving Plans etc.
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