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Why Athletes Need Life Insurance Cover 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. 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. 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. Such athletes when they pass away they abandon their families with huge financial problems and some of the families end up being declared bankrupt. It is important that athletes secure the future of their children by ensuring they have insurance policies. Though Different policies have been set by the insurance companies, one of the easiest policies is the term policy. The the policy has simpler terms and conditions and hence the most simple. 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 payments may be paid in level installments or decreasing installments. If payment is through level benefits then the recipient receives the same sum of money throughout the term that they are paid. The decreasing terms policy pays the beneficiaries money in decreasing amounts from the first installment to the last one. Permanent the policy is the second type of life insurance policy. Permanent life insurance policy dictates that the recipients will be given as long as they are alive. The three types in permanent life insurance policy include whole regular 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 . Hence the value of money one is insured and also benefits rise and fall according to how the investment market performs.
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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. However the amount one withdraws is deducted from their savings and thus the benefits.The 10 Rules of Insurance And How Learn More