Top 10 Things You Must Know About Life Insurance
The more you know about how your life insurance works, the easier it is for you to seek for the right insurance plan. The more research you have made on life insurance policies, the better for you to avoid any possible pitfalls when it comes to insurance purchase.
Here is a list of 10 key things on life insurance which everyone should be aware of,
1. Shopping around save money
It definitely pays to shop around because premiums vary widely across one Insurance company to another. Getting yourself equipped with the necessary insurance policy information will facilitate your searching for the best optimum Insurance plan.
2. Just get what is needed
Make sure you are not under insured because you are unlikely to get the needed benefits if you are under-insured. Also ensure that you do not over-spend on life insurance because buying more than what you need is a waste of money, just get what you believe is sufficient.
3. What happen in the event of delinquent payments?
You are normally given a grace period of 30 days to make payment on your premium. However if you have not paid within the grace period, your policy will lapse. In the case of permanent insurance policy, if you are late on your payment, your cash value amount will be deducted accordingly by your number of delinquent days.
4. What is the best age to get your Insurance?
The younger you are, the lower your life insurance premiums will be. The reason is because your risk of dying is lower when you are younger.
5. The healthier you are, the better the rates
Healthy people tend to get the best deals when it comes to life insurance.They will be able to get a better rates as compared to those with health problems, e.g, smoking, being overweight or with heart disease.
6. Is the result of my medical exam crucial?
The status of your medical exam results will determine what kind of Insurance rates you will be offered by the insurance company. Your height, weight, health, life-styles are all taken into consideration.
7. Will having more than one policy cancel the other one out?
Not at all. If you have a credit life insurance policy and a whole-life insurance policy, and you paid all the necessary premiums, both policies will pay out according to the initial terms of the policy. The credit life policy will pay off your credit card balance and the death benefits will be paid out on your whole life policy.
8. Can I buy a life insurance policy on someone else?
Yes, if you have insurable interest for that person, normally for a close relative or friend, you can buy insurance for them. However, the official stipulation here is that that person must know about it.
9. Review your coverage regularly
Changes in your life signals the need for a review of your overall financial plan. Always ensure that your coverage is intact with the changes you have gone through such as marriage, birth of a child, impending retirement, retrenchment, promotion have effect on the insurance coverage that you may need.
10. Compare the ratings granted on your finalized list of Insurance companies.
These ratings are provided by several rating agencies such as S&P and Moody's. Choose a company with higher rating which has more renowned reputation and consider for their better services and fast claim processing.
For more information about life insurance rates and life insurance companies, visit LifeInsuranceEssentials.com.
Article Source: http://EzineArticles.com/?expert=J.J._Yong
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31 comments:
this is really useful things to rember about life insurance thanks for the article.
this article really educates people about life insurance and makes them be aware of what is needed for life insurance and highlights the benefits of it.
Insurance now a days is a great way to save money, because whenever your facing a difficult problem in a certain things, just like if your in a accident. It's always good to be prepared and Life Insurance is the answer. Btw, nice information about life insurance. Thanks!
Insurance is very important for us. It is usefull to protect our life. Whenever we need insurance to save our live.
Thanks for the article. Your article is very informative talk about Life Insurance. After reading your article, I understand about Insurance better.
Thanks.
Very well said! Yes that is true that the healthier the individual availing the insurance the better rates he/she will get. It is also important to review the coverage regularly since change is a constant variable in this world. Good thing you've shared all of these in your post.
These people now see the important role of life insurance, because we do not know when our life will end.
Hello friend. Good article rwite. That it good for how neddedlife insurance.
This article is nice and has good things from life insurance.
Insurance is an important part of our life and this article makes it better.
Great post. I think the important item to consider is how honest people really are. The risk associated with insurance is the very reason why insurance can be very expensive. Honesty is the best policy, but not always the way people work.
Am I having a lucky day or what. I am about to sign up for a life insurance for myself and my wife tomorrow. It is being sold by a friend of ours. This post kinda came on time. Thanks man!
I am searching on some info about life insurance because I am trying to apply one pretty soon. This article is helping me to find out about other benefit of life insurance. Thank you.
this is very great guiding people on the correct path of making life insurances..these are the type of article most people are looking for now a days...thank a lot for sharing the information...
I have been investing in Life insurance for a quite a while,after reading this blog I got a good understanding about what things to check before investment.Thanks and keep up the good work
insurance policies have become a modern era of god's invention and they are necessary in any ones life statistically accidents have increased especially car or vehicle insurance is must
Your article is very informative talk about Life Insurance. Whenever we need insurance to save our live.
Good informative article about life insurance, Ten very useful steps for shopping for insurance. Interesting to learn about the 30 day cooling off period.
The risks involved with insurance is the very small so insurance can be very expensive.Thanks for the article.
Finally I have found such a useful blog about Insurance. I`ve been looking for something like this. I`ll recommend this blog to my friends.
Till now i does not have any life insurance but after reading this article i came to know the importance of life insurance. so my next job is to take a life insurance. Thanks for this valuable article.
Life insurance is the best thing which every one needs in his life. The list of things you provided is really useful for the one to decide about any life insurance policy.
To have life insurance nowadays is a necessity for everyone in this world. You gotta make sure your family is secured so they will not be broke after your gone. The tips you gave there is very informative regarding to purchase insurance from which you should spend wisely.
I am searching on some info about life insurance because I am trying to apply one pretty soon. This article is helping me to find out about other benefit of life insurance. Thank you.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss.
This is the information I need, this article gives all the answers to all questions that I need, thanks
i've been considering to get an insurance, but after you post i got more to consider to choose a really good insurance. thx
I absolutely agree with Shopping around save money and Just get what is needed..
I will do what you posted.. Thanks
I agree with all the ten things that you have listed above about life insurance policy. Knowledge do pays in getting the right kind of policy and also in making the best choice. I am grateful to you for sharing all these things about life insurance.
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