Which life insurance cover you think is the best for you?

Getting life insurance is an ideal approach for providing financial security to your family members. Such a policy provides financial support to the family members, in case the policyholder dies. The life insurance cover helps family by paying off outstanding bills and liabilities.

There are numerous types of insurance covers available in the market that you can choose as per your requirements. Mentioned below are some of the insurance covers that you can avail through NY insurance company.

1. Term insurance- This insurance cover that provides benefit for a particular time. If the policyholder dies during coverage period, the beneficiary will get entire benefits from the entire policy. It is one of the most affordable insurance covers, which most of the people prefer to buy. In case, the policy expires, the policyholder needs to pay higher amount of premium the second time to renew it.

2. Whole life insurance-   In this type of permanent insurance cover, the policyholder needs to pay fixed amount of premium. This insurance policy remains active as long as the person is alive. The specified amount of premium is paid once in a year.

3. Limited payment life insurance cover- Under this insurance cover, the premium is either paid for a specific period of time or till death of the policyholder. One of the major disadvantages associated with this policy is that the policyholder needs to pay premium, even if he or she is not employed.

4. Endowment policy- This policy runs for a particular period. In this insurance cover, the amount become payable, when the policyholder reaches to a particular age or the policy expires. However, the premium is paid till the policy gets matured. The amount of premium is higher in endowment policy when compared with whole life insurance cover.

5. Joint life policy- This type of insurance cover is meant for two partners in a business. However, under special circumstances, a couple can also avail joint life policy. The sum becomes payable at the end of the policy or in case any one of the partners dies.

6. Money back policy- In this type of policy, the insured gets certain portion of the sum, in case the policyholder is alive. In case of death of the policyholder, the contender will get entire cash benefits. During the policy period, the insured pays fixed amount of premium after specified period.