Global Courant
Life insurance is the insurance of a protected life in financial terms. You generally have to pay a monthly or annual premium amount for a certain period, depending on the policy you choose. It can be for a certain period of time or for the whole life. Whole life insurance policies are generally more expensive than term life insurance policies that are for a set period of time but do not have an expiration date.
In general, before choosing a life insurance policy, you should compare the quotes of different policies to choose a profitable policy that suits you better. Specific Events are stated in the contract, ie official insurance documents, the occurrence of which will trigger the payment to be made by the policy provider to the policyholder. Policies should only be chosen after thoroughly reviewing the terms of the documents.
There are four primary members of life insurance: the insurer, the insured, the owner, and the beneficiary. The insurer is the person responsible for issuing the policy, which basically insures the owner financially. The insured is the person who is insured by payment of money when the owner dies. The owner is the one who buys the policy and pays the premium. And the beneficiary are the ones that get paid in case the insured is no more either, they can be some kind of trusts or organization nominees. A person should know the options when canceling an existing policy so that they don’t have to leave coverage on the table.
Normally there are plenty of things to consider before purchasing a policy, some of which are listed below:
1. Have confidence in the company offering the policy. One has to get the history of the company, check the annual report, etc. to make sure of the company’s financial condition and reputation to be fully satisfied with the reliability of the company.
2. Discuss it with your family. Of course you should discuss with your family the amount to be invested, the term of your policy and the advantages and disadvantages, in order to clarify which policy is favorable for you.
3. There are many policies available in the market such as term life insurance, term life insurance, universal life insurance, variable universal life insurance and many more. One should first compare these policies to find the most affordable and beneficial one and only then invest in them.
4. Knowing the procedure to claim the policy is a must as a person takes this policy to protect their families regarding financial conditions during his/her absence. So one should be aware of the procedure for claiming the policy and make sure it is not time consuming or burdensome.
5. It is also important for a policyholder to know what will happen to the policy and the money if none of the events mentioned trigger the payment of the amount.
6. The policyholder must be aware of his rights, for this he must read the conditions carefully, even if after signing the policy he finds that he has been misled, he can surrender the policy within 15 days of purchase.
In general, we all do not like to discuss these policies because they are somehow related to the death of our loved ones. But if we think from the other side, these are the safety measures that should be taken while we are alive so that our family does not have to suffer after our death.
Points to keep in mind when buying a life
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