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Life Insurance Policies That Athletes Can Acquire Life insurance ensures that family members can manage to go on with life in case their breadwinner dies. Through life insurance beneficiaries such as the spouse, children or grandchildren receive payments which enable them to go on with their activities usually. There are different policies of life insurance that one can apply for in different insurance companies. 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. Such athletes when they pass away they abandon their families with huge financial problems and some of the families end up being declared bankrupt. One of the most secure way of ensuring that we secure the future of our children is by adopting the life policies. Term the policy is one among other policies that have been established to ensure life and is the simplest of them all. 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. One is usually paid in terms that vary between one and 30 years. 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. 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 permanent policy has three categories in universal life, variable universal life and whole traditional 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. The number on has protected, or the amount one contributes in premium are flexible in universal life. One’s savings in the variable universal life can be invested in market-based investments such as stocks and bonds. 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 enhanced by the fact that universal variable life allows one to invest their savings. One can hence use the savings to either pay fees for their children or any other project one initiates at home. But the amount one withdraws from their insurance savings are deducted from their savings hence reducing the benefits.Businesses – My Most Valuable Tips