Life Insurance
Life insurance policies will pay out a sum of money to your beneficiaries (usually your family members) in the event of your death. This is important especially if you are a key bread-winner of your family and your family relies on your income for their daily living expenses.
Term Insurance Term Insurance will pay out a sum of money to your beneficiaries in the event of your death, but this arrangement is enforceable for only a period (e.g. 5 years, or 10 years). Thus, term insurance is a temporary policy that can be used as supplements to your life insurance policy. Annuities Annuities are usually beneficial for the retired or old-aged. Annuity plans pay out a regular income (usually on a monthly basis) that the retired or old-aged can use to cover their monthly expenses. Some annuities have payouts that last until the death of the individual. A good plan to have especially if you are expected to live a longer life after retirement since the mean lifespan of individuals living in developed countries (and many developing countries) are increasing statistically every generation.
Term Insurance Term Insurance will pay out a sum of money to your beneficiaries in the event of your death, but this arrangement is enforceable for only a period (e.g. 5 years, or 10 years). Thus, term insurance is a temporary policy that can be used as supplements to your life insurance policy. Annuities Annuities are usually beneficial for the retired or old-aged. Annuity plans pay out a regular income (usually on a monthly basis) that the retired or old-aged can use to cover their monthly expenses. Some annuities have payouts that last until the death of the individual. A good plan to have especially if you are expected to live a longer life after retirement since the mean lifespan of individuals living in developed countries (and many developing countries) are increasing statistically every generation.