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An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. [ 1 ] [ 2 ] These are long-term policies, often designed to repay a mortgage loan, with typical maturities between ten and thirty years within certain age limits.
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting.
There are two main types of life insurance: term and permanent. Term life insurance is typically more affordable than permanent life insurance because it is only active within a set period.
Level term life insurance: Offers fixed premiums and a fixed death benefit for the policy duration, typically ranging from 10 to 30 years. This type provides stability, as both your premium and ...
Whether you prefer term or whole life insurance will depend on many factors. Find out how these types of life insurance differ and what each option entails.
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