Another name for the life insurance is life assurance. It is a contract signed between a client and an insurance company. Some terms used is the insured referring to the clients and the insurer referring to the insured. The insured is supposed to deposit an amount of money in the company. The payment is referred to as the premium. It is mainly paid on a monthly basis or annual basis. This will be based on the agreement that both parties has agreed. The premium paid is held by the company. The money will be given to the beneficiaries that the insured will leave behind after his or her death. There are other circumstances where you may be given the whole amount that you saved up with the insurance company. In case you have a terminal illness and you are incapable of funding the hospital bills, the insurance company can give out your money before you die. The money can also be taken to cater for funeral expenses. Life assurance is also a savings plan.
Choose the best company for the life insurance. There are many companies available and hence you can choose any. Therefore, you must select the ideal company that has the best reputation locally. You must conduct research to be able to select the best company. Make sure that the company is reliable. It is very important to check the financial status of a company. You can get such information from the magazines, websites and in the news and this will help you make a well informed decision.
For you to be able to have a life insurance cover, there are some qualifications that you must meet. Age determines whether you qualify or not. The insurance company must check this before they sign you up for the insurance cover. You will also get varying products based on age. There are more products available for the young. Old people are limited. There is a rule that gives the client the freedom to choose until he or she is sixty years of age.
Gender can define the qualification. Females have a higher expectancy than males. In terms of expense, the men’s policy will be a bit expensive compared to that of women. The premium paid by the client will be determined by the gender of the client.
The health of the insured will determine whether he or she qualifies for the life insurance. Your health status will be determined when you take a physical exam. You will have lower premium if you appear healthy.