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Why Life Insurance Is Essential To Athletes Life insurance ensures that family members can manage to go on with life in case their breadwinner dies. 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. Different insurance companies offer different plans to their clients to choose from according to their interests. 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. Though Different policies have been set by the insurance companies, one of the easiest policies is the term policy. The the policy has no complications and hence one of the most appropriate and also simple. Payments are only made at the event of the insured person passing away. Beneficiaries are paid in a period of between one and 30 years according to the terms that the parties agreed upon. The payments may be paid in level installments or decreasing installments. 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. Permanent the policy is the second type of life insurance policy. 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. Payments paid to beneficiaries and the premiums the insured pays remain constant throughout the duration of the policy in the traditional whole life policy. The number on has protected, or the amount one contributes in premium are flexible in universal life. 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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Permanent life insurance may also be utilized as a retirement plan. It is possible when one has the permanent life insurance. They can use the savings to pay for school fees of the children or fund any other project at one’s home. However the amount one withdraws is deducted from their savings and thus the benefits.The 10 Commandments of Insurance And How Learn More