If a fixed coverage plan is so insufficient, why do insurance companies even offer them? Why do such products even exist?
Such products exist simply because lots of customers simply want cheap insurance. Based on the premium, insurance companies can only provide partial coverage for the amount of money they charge. Furthermore, U.S. based companies offer fixed coverage plans primarily to compete with many foreign based insurance companies (especially in India) that offer only fixed coverage plans for any one older than 55 years.
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