In the previous article regarding sum assured, surrender values, and other jargon and terms for life insurance, we teased about writing part two to show the different types of premiums and what they are used for. Just as there are many different types of insurance (in this article, we will be focusing on life insurance), ranging from Term Life to Whole Life to Endowments and Investment-Linked Policies (ILP), there are also different ways to pay for those insurance policies, which are called premiums. This second part of the Insurance Terms article will focus on the kinds of premiums, their pros and cons, and what kind of premium frequency is suitable to pay for your insurance!
