Find Cheap Life Insurance On The Web
by Zelma Abasta
There is an old joke that says no one buys life insurance they are sold it. Granted, thinking about your death is not pleasant but if you love your family you will want to have this important protection. A policy will protect your family financially in case you are not around to earn money.
The purpose of this type of policy is to replace your income in case you die. In the event of your untimely death your family can use the death benefit to continue living in the style that they are accustomed. The death benefit should be large enough so that it can be invested conservatively to earn interest and dividends sufficient to replace the lost income.
There are other times where a policy is a helpful. If you are involved in a business partnership each partner should have a policy. If a partner should die the death benefit can be used to buy the deceased partner's share from their family. This makes possible the smooth continuation of the business. Often an employer will take out a policy on a key employee to protect the business in the event the key employee should die.
There are a variety of policies but basically they all fall into one of two types of coverage. The first to be discussed is called a term policy because it offers coverage for a set term of time. At the end of the term the coverage ends. These policies often have provisions which guarantee the renewal of the policy. The premium for insurance technically increases every year but some term policies average the cost to provide a level premium for the term of the coverage. Having automatic guaranteed renewal is a good deal because it means you are assured of getting coverage even if you develop a serious medical condition.
The other type of policy combines a savings account with the protection. Part of your premium goes to purchase your coverage while another part goes into a fund that grows over time. This type of policy has no expiration date and does not need to be renewed. Discuss with your financial planner the appropriate type of policy for your circumstances.
The main criteria that determines your premium is your age and the condition of your health. Because the chances of you dying increases as you grow older, the higher your age the higher your premium will be. With the other criteria, if you have a health condition then that increases your chance of dying and you will have to pay a higher premium. In fact, if your health is in too bad of shape, you may not be able to purchase a policy at all.
There are web sites online that have made it easier to get a good life insurance policy at the best prices. These web applications will give premium quotes from the major highly rated companies. This will help you to shop around to get the best deal possible.
The purpose of this type of policy is to replace your income in case you die. In the event of your untimely death your family can use the death benefit to continue living in the style that they are accustomed. The death benefit should be large enough so that it can be invested conservatively to earn interest and dividends sufficient to replace the lost income.
There are other times where a policy is a helpful. If you are involved in a business partnership each partner should have a policy. If a partner should die the death benefit can be used to buy the deceased partner's share from their family. This makes possible the smooth continuation of the business. Often an employer will take out a policy on a key employee to protect the business in the event the key employee should die.
There are a variety of policies but basically they all fall into one of two types of coverage. The first to be discussed is called a term policy because it offers coverage for a set term of time. At the end of the term the coverage ends. These policies often have provisions which guarantee the renewal of the policy. The premium for insurance technically increases every year but some term policies average the cost to provide a level premium for the term of the coverage. Having automatic guaranteed renewal is a good deal because it means you are assured of getting coverage even if you develop a serious medical condition.
The other type of policy combines a savings account with the protection. Part of your premium goes to purchase your coverage while another part goes into a fund that grows over time. This type of policy has no expiration date and does not need to be renewed. Discuss with your financial planner the appropriate type of policy for your circumstances.
The main criteria that determines your premium is your age and the condition of your health. Because the chances of you dying increases as you grow older, the higher your age the higher your premium will be. With the other criteria, if you have a health condition then that increases your chance of dying and you will have to pay a higher premium. In fact, if your health is in too bad of shape, you may not be able to purchase a policy at all.
There are web sites online that have made it easier to get a good life insurance policy at the best prices. These web applications will give premium quotes from the major highly rated companies. This will help you to shop around to get the best deal possible.
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Get exclusive inside information on reasons why life insurance is so extremely important now in our guide to how and where to get life insurance in South Africa.
Term Life Insurance No Medical Exam
Term Life Insurance No Medical
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