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Why Athletes Need Life Insurance Cover Life insurance ensures that family members can manage to go on with life in case their breadwinner dies. After the demise of the breadwinner the beneficiaries which include the spouse, children, and grandchildren receive payments from the insurance company which enables them to carry on with life. There are different policies of life insurance that one can apply for in different insurance companies. 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. Though Different policies have been set by the insurance companies, one of the easiest policies is the term policy. The policy is the simplest plan that one can go for. Payments are only made at the event of the insured person passing away. It pays for a term of between one and 30 years from when one dies. The benefits may be level, or they may be decreasing. Payments done through level installments ensures that the beneficiary receive the constant amount of money throughout the term at which they are paid. The decreasing terms policy pays the beneficiaries money in decreasing amounts from the first installment to the last one. The second type of life insurance policy is the continuous system. Permanent life insurance policy dictates that the recipients will be given as long as they are alive. 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. Premiums and the payments benefits are not fixed in the universal life hence one has the liberty of changing them at will. 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. With permanent insurance one can invest their savings in various ways. It is made possible since in universal variable life one can turn their savings into investments. But the amount one withdraws from their insurance savings are deducted from their savings hence reducing the benefits.The 5 Laws of Insurance And How Learn More