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Why Life Insurance Is Essential To Athletes Life insurance policies are an important way to make sure that family members do not struggle in case the breadwinner in the family passes away. Beneficiaries may include the spouse, children and grandchildren who receive payouts that help them to move on with life after the demise of the breadwinner. The kind of policies that are offered to clients by the insurance companies differ from one company to another. Though the life insurance policy is a good way of ensuring better standard of livings for the beneficiaries, sadly not many athletes have embraced it. 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. It is important that athletes secure the future of their children by ensuring they have insurance policies. There are various types of insurance policies that one can acquire where one such policy is what is referred to as term policy. The the policy has no complications and hence one of the most appropriate and also simple. The policy only pays to the beneficiaries if and only if the athlete passes away. Beneficiaries are paid in a period of between one and 30 years according to the terms that the parties agreed upon. 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. In decreasing benefits they are paid in reducing terms meaning the benefits decrease over the duration of the policy. The second type of life insurance policy is the continuous system. The beneficiaries receive payments from the insurance company as long as they are alive under the permanent life insurance policy. The three types in permanent life insurance policy include whole regular life, universal life, and variable universal life. In the entire regular life the amount that one pays as the premium is consistent throughout their life as is the payments the beneficiaries get as death benefits. Premiums and the payments benefits are not fixed in the universal life hence one has the liberty of changing them at will. In variable universal life policy the premiums are set, but one is allowed to invest the savings in bonds, stocks and other market-based investments. Hence the savings may increase or decrease according to how the market behaves, and this may have an effect on the benefits to be paid to the beneficiaries.
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Although the primary purpose of the life insurance is to secure the future of family members after one’s demise; life insurance can also act as a retirement plan. With permanent insurance one can invest their savings in various ways. They can use the savings to pay for school fees of the children or fund any other project at one’s home. But the amount one withdraws from their insurance savings are deducted from their savings hence reducing the benefits.Businesses – My Most Valuable Tips