siliconindia | | JULY 20229Now that you have understood why comparing life insurance quotes is important, you'd be able to select the right life insurance policy for yourselfA bank deposit is an easy and practical way to set away a set amount for paying a life insurance premium. One of the easiest to open, manage, and withdraw, it is also one of the safest. There are two main types of deposits: Fixed Deposits (FD) and Recurring Deposits (RD). To get a better understanding to know the difference between FD vs RDFixed Deposits (FD):For people who have a large sum of money to invest, FDs are a smart choice. Additionally, you can connect it to your savings account. You can pick between a monthly or quarterly payout, making it a fantastic choice for anyone searching for a consistent source of income.For instance, a retired person can invest retirement benefits in a long-term FD. This will guarantee both the security of their capital and consistent interest payments for their monthly costs.Salaried employees may invest their annual bonus in an FD and use the money for purposes like investing it further in life insurance, an automobile, or home renovations, among other things.Recurring Deposit (RD):You can choose RDs if you don't have a large sum of money to invest but can make small monthly contributions. For instance, you may schedule your regular savings in an RD to coincide with your insurance premium date. This will ensure that an investor has the money they need to continue their term with their chosen life insurance.PARTING THOUGHTSNow that you have understood why comparing life insurance quotes is important, you'd be able to select the right life insurance policy for yourself. Even though life insurance is not a mandatory purchase, it's essential if your goal is to provide financial security to your family in your absence.
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