The purpose of an insurance plan is to protect one from future potential financial losses caused by events such as one’s death or disability. While both types of policies provide financial protection, the key differences between them include the duration and amount of coverage of the plan. It is important to know about insurance, as well as daily things like the sp power tariff to ensure that you’re all set for adulting.

Term insurance

As the name suggests, term plans cover an individual for a fixed term such as within an age range or up to a specific age. If anything befalls the individual during the term, coverage will be provided by the company. However, once the specified age is surpassed, the plan will expire without any sum assured back to the individuals as it does not bear cash value. This happens when the plan is terminated or surrendered as well. Continue reading →