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Life insurance primarily serves as a protection instrument, providing financial security to beneficiaries in the event of the policyholder's death. While some life insurance products, like whole life or universal life, include a savings or investment component, their primary purpose is to offer financial protection. Therefore, while they can have savings features, the core function of life insurance is to safeguard against financial loss due to unforeseen circumstances.
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What are the key differences between mortgage protection insurance and life insurance?
Mortgage protection insurance is designed to pay off your mortgage if you die, while life insurance provides a lump sum payment to your beneficiaries when you die. Mortgage protection insurance is specific to your mortgage, while life insurance can be used for any purpose.
What type of insurance coverage is typically included with mortgage protection?
Mortgage protection typically includes life insurance coverage.
What is the purpose of mortgage protection life insurance?
The purpose of mortgage protection life insurance is to protect the home from being lost in the event the mortgagee passes away. The life insurance will pay off the balance of the existing mortgage to the finance company.
What happens at the end of a term life insurance policy?
At the end of a term life insurance policy, the coverage expires and the policyholder no longer has insurance protection.
What specific period of time does term life insurance provide protection for?
Term life insurance provides protection for a specific period of time, typically ranging from 10 to 30 years.
How do you close or bridge Life insurance protection gap?
By buying adequate insurance protection.
What are the key differences between mortgage protection insurance and life insurance?
Mortgage protection insurance is designed to pay off your mortgage if you die, while life insurance provides a lump sum payment to your beneficiaries when you die. Mortgage protection insurance is specific to your mortgage, while life insurance can be used for any purpose.
What type of insurance is also known as ordinary or straight life insurance?
Term life insurance, or otherwise known as pure life insurance protection.
What kinda of insurance protection is set for a period of time?
The Term life insurance is the kind of insurance protection that is set for a period of time.
What is the role of LIC in national buildings?
The LIC is the Life Insurance Corporation of India. The role of the LIC in nation building is to spread the message of life insurance in the country. Life insurance mobilizes and promotes saving in the country.
What type of insurance coverage is typically included with mortgage protection?
Mortgage protection typically includes life insurance coverage.
Where could a Canadian purchase life insurance?
Life insurance is an important protection to have. Canadians can purchase life insurance through a local independent broker, or online at LSM Insurance.
What are advantages of term life insurance?
Term life insurance is the simplest form of life insurance. It was developed to provide temporary life insurance protection on a limited budget to the maximum number of people.
What are the advantages of Term life insurance?
Term life insurance is the simplest form of life insurance. It was developed to provide temporary life insurance protection on a limited budget to the maximum number of people.
What is the purpose of mortgage protection life insurance?
The purpose of mortgage protection life insurance is to protect the home from being lost in the event the mortgagee passes away. The life insurance will pay off the balance of the existing mortgage to the finance company.
What happens to your life insurance when you are no longer employed?
If the life insurance was provided by your employer and your employment is terminated, you will lose the life insurance protection. You should look into individual life insurance, which you can take with you if your employment terminates.
What happens at the end of a term life insurance policy?
At the end of a term life insurance policy, the coverage expires and the policyholder no longer has insurance protection.
