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Are endowment policies the only type of life insurance policies?

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Are endowment policies the only type of life insurance policies?

An endowment policy is a life insurance policy that pays large sums of money when the term matures or when the benefactor dies. Typical maturity limits range from five to twenty years. Usually these policies also pay sums in case of a critical illness. This scheme of economic cooperation usually divides the unavoidable risks among the community members. Life insurance is a rare investment opportunity that offers specific custom made products at different life stages and for different life opportunities.

Life insurance products can be divided into two groups, traditional and non-traditional. Endowment policies, term assurance, whole life policies, etc. are examples of some of the traditional products. On the other hand a unit linked insurance plan represents a non-traditional life insurance coverage.

When it comes to endowment policies the benefactor will usually pay premiums and pre determined tenures for assured sums of return. The entry age will greatly influence the height of the premiums that are paid. These policies usually cover the risk for a specified period of time and when the time passes the assured sum is paid back to the benefactor along with the accumulated bonus during the terms policy duration. The popularity of this policy can be attributed to the distinct features paid to the benefactor when the policy is completed.

This guaranteed amount is called sum assured and it can be increased depending on the investment performance of the benefactor. A terminal bonus, which represents a regular bonus in this policy, is usually paid at the end of the period. The endowment policy life insurance scheme represents the most common way of insuring a person, however there are a lot more options available when it comes to insuring ones life.

Unit linked endowments represent investments where the premium is invested in a unitized insurance fund. Usually the benefactors can choose themselves in which funds their money should flow in, however not all companies allow this option for their benefactors.

Thinking about life insurance is ungrateful task since having it as a plan B will help one have a piece of mind and sleep soundly at night. Something can go wrong and there is no doubt about this fact, it happens to everyone at some point. If the family wage earner dies, what will happen to the family? Will they be able to take care of the mortgage? Not to worry about these questions, one should choose and invest in a life insurance policy, and there is a lot of options to choose from.

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