Why Life Insurance Is Essential To Athletes The the purpose of life insurance policies is to ensure that deceased family members can continue with life smoothly even if the breadwinner passes away. Through life insurance beneficiaries such as the spouse, children or grandchildren receive payments which enable them to go on with their activities usually. The kind of policies that are offered to clients by the insurance companies differ from one company to another. It is quite sad that not all athletes have embraced life insurance policy despite the fact that the policies have a real intention of securing the future of the deceased family members. The athletes, therefore, leave their families with huge financial problems after they have passed away which has led to some families ending up being bankrupt. Life insurance covers provide one of the most convenient ways to secure the future of our children and other beneficiaries. There are various types of insurance policies that one can acquire where one such policy is what is referred to as term policy. The the policy has simpler terms and conditions and hence the most simple. The policy only pays to the beneficiaries if and only if the athlete passes away. Beneficiaries are paid in a period of between one and 30 years according to the terms that the parties agreed upon. The payments may be paid in level or declining terms according to the policy. If payment is through level benefits then the recipient receives the same sum of money throughout the term that they are paid. In decreasing benefits they are paid in reducing terms meaning the benefits decrease over the duration of the policy. Permanent the policy is the second type of life insurance policy. The beneficiaries receive payments from the insurance company as long as they are alive under the permanent life insurance policy. There are three main categories in permanent life policy which include whole traditional life, universal life, and variable universal life. In traditional whole life policy the premiums paid and the benefits that are paid to the beneficiaries remain constant throughout the duration of the policy. The number on has protected, or the amount one contributes in premium are flexible in universal life. Variable universal life policy is more flexible as one can turn their premiums and money they insure for into investments . The market hence dictates the fate of the final benefits to be given to the beneficiaries since the savings are turned into investments.
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Permanent life insurance may also be utilized as a retirement plan. It is enhanced by the fact that universal variable life allows one to invest their savings. They can use the savings to pay for school fees of the children or fund any other project at one’s home. But the amount one withdraws from their insurance savings are deducted from their savings hence reducing the benefits.Businesses – My Most Valuable Advice