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How to Choose the Right Type of Life Insurance

Choosing the right type of life insurance for you can be a difficult task but it’s also an important decision you made in your life. Here are some recommendations that can help you to understand the best life insurance options.

You should consider Universal life if:

You need life insurance for a specific period of time and a return at after a certain period.
This type of Insurance plan uniquely combines permanent life insurance protection with the investment component. “buy term insurance and invest the difference.” Universal life takes care of both … all in one policy.

With universal life insurance, you pay an amount of money as the premium that is deposited into an investment account created for the policy. Each month, the insurance company takes out money to cover the cost of the insurance and administrative costs. The money left in the investment account earns a return based on the performance of the investment funds.

While universal life insurance does have an investment component, when you pay your premiums regularly the policy will not use the available funds in investment account to recover your insurance charges. Therefore, you can get a higher return at the end.

Also, if you’re saving for the future, any excess deposits that you make to the policy can grow your return at the end of the policy term.

See What Allianz has to offer under Universal Life plans

You should consider Unit Linked Insurance if:

You are looking for long-term investment return that provides you financial protection while allowing wealth creation at market-linked returns.

In this type of insurance a part of your premium is directed towards providing you with insurance and meeting administration expenses while the rest of it is directed towards an investment funds.

The plan offers several investment funds, each having a different risk and return profile. This is because each fund comes with a different specified limit on the amount of debt and equity that it can take an exposure to.

You will further have the freedom to switch from one fund to another during the policy term. Due to these features, you can fulfil various financial goals through a Unit Linked plans.

See What Allianz has to offer under Unit Linked plans

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