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Endowment Life Insurance without Mortgage
Endowment Life Insurance is the amount payable to the insured person or his nominees at end of a certain specified time. It could be ten years or fifteen or twenty or even for life. In the case of Life Insurance, the amount is paid to the nominee or beneficiary on the demise of the policy holder.
The sum at the end of the maturity period includes bonuses which are usually added every year and guaranteed to be paid at maturity. Terminal Bonuses may also be added. Often a Life Insurance policy is taken to see that any existing mortgage you have will be paid back on the death of the policy holder so that the family can continue to live in the house. Policies can also be taken to protect the family.
For example, a certain amount will be paid consistently to the family till the last child becomes an adult. But Life Insurance need not be coupled with mortgage.
The thing that assures money to the policy holder is the faithful payment of the premium every month or annually as agreed upon at the outset. Even if the person misses one payment, the policy will be classified as ‘Off Risk’ which means that you lose the cover. Sometimes, providers of life insurance can come up with a ‘Premium Waiver’ which will take care of payments when the insured person is ill or out of employment.
Endowments can come in handy during a personal emergency. They can be encashed before the end of the term. Then the policy holder gets the surrender value as calculated by the company. This will depend on the period of time the policy is running and also on how much of bonus has been accrued.
There are different types of Endowment Life Insurances. These can be a ‘Unit-Linked Endowment which means the value of the policy spoken of by the number of units held and the price of the units. A choice is given to the policy holder to determine in which funds his premiums can be invested. It can be in low risk or medium risk or high risk companies. But the policy holder should keep an eye on the unit prices since the value of the unit determines the encashment amount of the policy. So the performance of the fund plays an important role here. Other types are:
- ‘Full Endowment’ is an endowment with profits. Here the final amount can be greater than the assured amount if the growth is good.
- ‘Low Cost Endowment’ is mainly for endowment mortgages.
- ‘Traded Endowments’ are with-profits policies which are bought by another person during the term of the policy.
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