Types of Life Insurance
💰 Types of Life Insurance Term Life Insurance Covers a fixed period (e.g., 10, 20, or 30 years). Pays only if death occurs during the term. Cheapest and simplest. Whole Life Insurance Covers the entire lifetime. Has both death benefit + savings/cash value. More expensive but builds value over time. Endowment or Money-Back Policy Pays either on death or after a specific number of years. Often used for savings and investment goals. ❤️ Why It’s Important Provides financial security to wife, children, or dependents. Covers loans or debts after death. Helps fund education or daily living expenses for the family. Gives peace of mind knowing loved ones are protected. 📄 Example Mr. Rahim buys a 20-year term life insurance for $100,000. He pays $20/month. If he dies within 20 years, his family receives $100,000. If he survives, the policy ends with no payment.