When it comes to protecting yourself and family members with a life insurance cover, it is of core importance to select the best policy to get maximum benefits. The life insurance cover is of several types, out of which, the most popular ones are as follows:
Whole life policy
In this policy, the premium is paid throughout life and the amount insured becomes payable at the time of death of the policy holder.
Limited payment life policy
It is one of the best policies to meet needs of families after death of the policy holder. In this type of policy, the premium is either paid for a specified period of time or till death of the policy holder.
This policy runs for a specified period of time or till a particular age. The premium paid becomes payable when the policy holder reaches a particular age or the policy has expired. It is a popular insurance cover, which not only provides monetary benefits to families but also acts as pension in old age.
Joint life policy
This policy is meant for two people. For example, two business partners can avail joint life policy. However, couples can also avail this policy under special circumstances.