At present life insurance policies are not just limited to offering financial benefits on the death of the policy holders to his near and dear ones. The life insurance plans presently offered by providers have many other paybacks attached to them; long term saving plans being the most striking one. Below cited are the diverse types of life coverage plans and the additional benefits they come with.
Barry Bulakites is an IRA expert, and is proficient on the ins and outs of retirement planning. He began his profession with Equitable Life of US in New York City and he accepted a position with Mutual of New York after nine years.
Child Plans: Child plans are a hugely popular life insurance product. Such policies are designed remembering the needs of children that parents would not want to compromise on. All parents consider buying a policy for their children, when they choose a child plan it serves more than one function. Such a plan for your child will act like a mediclaim as well as a savings option. The profits are guaranteed at the maturity period which then can be used for determining the future of your child.
Retirement plans: To make post retirement period economically independent for individuals are retirement plans. These plans provide life coverage and on the other hand aid policy holders plan their retirement well in advance. The maturities of such policies are when the policy holder reaches his retirement age. This way the policy holder is confident about receiving a good amount at his retirement and can enjoy the profit. Hence such a policy will assure its holders a worry-free post retirement life minus any reliance on others and cost cutting.
Growth plans: For individuals who want to make the most of their investments and wish to play safe too are growth plans. Growth plans offer elasticity to the policy holders in terms of policy tenure, money investment, premium payments etc. The premiums paid for such a policy are then invested in the investment markets and the incomes earned are shared with the policy buyers. The investments are done astutely keeping in mind the instability of the markets and keeping the hard earned money of individuals safe. The basic life coverage is also incorporated in these plans. For individuals who wish to invest in the capital markets and earn extra income, growth plans are the suitable option.
Saving plans: Each person wishes to save money to carry out needs he/she may come across at a later stage in life, savings plans are simply right for such purposes. In such plans the premiums are to be paid at normal intervals by the policy holders and the up to a definite period of time and during the maturity period a lump sum amount with the interest earned is handed over to him. Saving based life insurance plans give the policy holders the advantage of life coverage and also the possibility of accumulating finances for future.
Thus, the scope of life insurance plans has widened giving policy holders more than what they have gone for. Funding marriage or child’s education, retirement planning, earning additional money through capital market investments; all this and a lot more can be done in a methodical manner if you choose a unswerving retirement life insurance plan and provider like Barry Bulakites .