What Life Insurance Types Are Offered

Types of Life Cover

There is a lot of information out there today, especially on social media, where everybody is advertising all types of cover, but you need to get the full inside information from experts first.
There are various different types of life cover, which vary significantly from one country to the next. However, the most common types of life cover available are as follows: 

Whole-of-life cover – a policy for the entire life of the policyholder, paying out irrespective of when they die. 

Term insurance – valid for a predetermined period, paying out only if the policyholder dies within a specific time frame 

Decreasing-term insurance – a policy where the potential payout decreases on an annual basis

Increasing-term insurance – a policy where the potential payout increases every year, often to reflect inflation

Renewable term insurance – valid for a predetermined period of time, with the option of extending coverage before the current term comes to an end 

Joint life insurance – a single policy that covers a couple, paying out in the event that either policyholder dies

Securing life savings/taxable assets using a trust If deemed appropriate, it may be beneficial to secure your savings and/or taxable assets using a trust. The biggest benefit of using a trust is the way in which your taxable assets and savings remain protected from legal claims.

Conventionally, all assets that you have (perhaps with the exception of retirement savings) may be subject to seizure by creditors and courts. By contrast, all assets held in a trust are afforded greater legal protection. This in turn means that the assets you pass on to your beneficiaries cannot be seized to repay any debts you leave behind at the time of your death.

Securing your wealth using precious metals (Silver, Gold, Platinum) Alternative investments such as precious metals are often incorporated in a diversified investment portfolio. Many experts believe that converting some of your wealth into precious metals represents a beneficial and potentially lucrative long-term investment option.

When you purchase physical precious metals, it is not necessary to have them tied directly to your name. As a result, the precious metals you buy cannot be taken from you at any time under any circumstances, except by way of physical force. Precious metals can be stored safely and indefinitely in secured storage facilities and passed on to beneficiaries.