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How does family life insurance work?

While there is no single type of life insurance that is technically called a family life insurance policy, a wide range of insurance options that might benefit you and your family is available.
How does family life insurance work?

General family insurance plans can protect your loved ones from a variety of problems. The family chooses an insurance plan that suits its needs. This includes determining the amount of insurance coverage, term of insurance and other conditions.

The amount of premiums may depend on many factors such as age, health, insurance amount, etc.

Some family life insurance plans may include additional options such as accident insurance, investment options, an option to receive a portion of the insurance sum in case of critical illness, etc.

The most popular product for loved ones is the family retirement annuity. The investment product provides ongoing payments for a specified period of time or until the end of life of spouses or other family members. This type of annuity is designed to provide financial security for a family in old age or after the loss of a spouse.

Family annuity provides regular payments that can begin immediately upon purchase of the annuity or be deferred for a specified period.

Family annuity payments may qualify for various tax benefits.

Source: https://www.bankrate.com/insurance/life-insurance/family-life-insurance/7

Photos are from open sources.

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