Life Insurance Calculator

Some common types of life insurance policies includA Life Insurance policy is a contract between two parties: The insurance company and the insured. It involves a transfer of risk to the life of the insured individual to the insurance company at a cost that is called the premium of the insurance policy. In this way, a life insurance provides a financial cushion to the dependents of the insured person. Under a life insurance policy, the policyholder nominates someone to get the assured sum in case of his death. On the occurrence of such an event, the insurer pays the insured amount to the nominated person mentioned in the insurance contract who may be a family member of the deceased. This amount is irrespective of the total that may have been paid for in the form of insurance premium by the insured.

With endowments, your mortgage is set up so the monthly payments go down.  With a mortgage of this type, you only pay interest going toward the amount of money you received from the lender.  You will also find that endowments are set up so you also pay a small amount of money that goes into a special policy, which grows over time as money is added.  With a policy such as this, when you near the age of retirement and your mortgage loan is close to being paid off, the capital of the mortgage loan is paid using the endowment money.