Team Fortune Makers

Protect the future for your loved ones!

 

The last thing you want to worry about is who is going to take care of your family should something happen to you. Having a solid plan in place not only gives you peace of mind, but also gives your family peace of mind during an already very difficult time. There are many different kinds of life insurance to choose from and trusting a professional like Sean the Insurance Guy will ensure you get the best plan for you and your family!



How does Life Insurance Work?

Life insurance plans allow you to choose the coverage level, the coverage tenure and the premium payment term and frequency. You pay the life insurance premium over the chosen term. In the case of premature demise of the life assured during the tenure of the insurance policy, the death benefit is paid.

Alternatively, if the life assured survives the policy tenure and the plan matures, a maturity benefit is paid if applicable under the policy. Many life insurance plans offer a maturity benefit which gives you a financial corpus if you survive the policy term.

Life insurance plans might also offer optional riders. These riders are additional coverage benefits which enhance the scope of the insurance policy. You can choose one or more riders based on your coverage needs at the payment of an additional premium. If you suffer any contingency which is covered by the chosen rider, you get an additional benefit. 

 

Why is Life Insurance Important at Every Stage?

Life insurance is your lifelong shield, securing your loved ones’ financial future at every stage. Here’s how it proves relevant at every life stage-

  • When you are young and single, investing in the best insurance plans helps lay a solid financial foundation with affordable premiums, protecting your dependents like your parents in case of unexpected events.
  • As you move into marriage and family planning, choosing the best insurance plan that suits your needs becomes even more crucial. With the added expenses of a family and long-term financial goals, these plans act as a safety net for your family. They ensure that your spouse and children can maintain their lifestyle and meet future goals, even in your absence.
  • Upon homeownership, having the best insurance plan that safeguards your mortgage and ensures that your family can maintain ownership of the house, even if you are no longer around to repay the loan is important.
  • As you plan for your children’s education, choosing the best child insurance plan that can act as a safety net, ensures that your children’s academic future is financially secured, regardless of unforeseen circumstances.
  • In midlife, adapting to changing needs becomes essential, and having an  insurance plan can help adjust coverage to meet new financial responsibilities, such as supporting aging parents or paying off debts.
  • For retirement planning, choosing an insurance plans ensure that you have an additional layer of savings, providing financial stability in your golden years and continued support for you and your spouse.  

Type of Life Insurance Plans

Coverage Period

Maturity Benefits

Key Features

Life Cover

Term Insurance Plan

Fixed Term (e.g., 10,20, or 30 or 40 years)

Upto age 85 years or even for whole of life

No except under return of premium term plans

Affordable insurance policy, payout on death during the term

Provides pure life cover

Endowment Policy

Fixed Term

Yes

Combines life insurance with savings; lump sum paid if policyholder survives

Offers Savings + Life cover

Unit Linked Insurance Plan (ULIP)

Flexible

Yes

Combines life cover with investment opportunities; allows partial withdrawals

Split between investment and life cover

Money Back Policy

Fixed Term

Yes (periodic payouts)

Provides periodic survival benefits throughout the policy term

Savings + periodic payouts

Whole Life Policy

Entire life term

Yes

Covers the policyholder for their whole life; and also helps to create wealth

Lifelong protection + Savings

Child Plan

The fixed term generally till the child reaches a specific age between 18-25 years

Yes

Designed to secure a child’s financial future, it may include an inbuilt premium waiver if the parent passes.

Life cover + premium waiver

Annuity/Pension Plan

After retirement

Yes (annuity) or lump sum)

Provides regular income post-retirement

Focuses on retirement benefits

 

 
 
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