We all know that life is full of uncertainty. May be that is why we are constantly looking for assurance. Indeed, if you look into our behavioral pattern, you will be able to witness it even in our day-to-day activities. If we have a job, we will want to be sure that it will last at least as long as we need it. When we buy a house we want to be assured that, come what may, our home will protect us from all eventualities. Even when we buy a car we want to make sure that it is roadworthy and will be able to give us trouble free run for quite sometime.
Indeed, our penchant for security extends beyond that. We make savings as protection against rainy days and buy life insurance policies to make sure that our family may lead the same lifestyle even if we die early in life. In its essence, a life insurance policy is nothing but a legal agreement between the insurer and the policyholder whereby the former promises to indemnify the loss of life of the insured provided the policyholder keeps it running by regular payment of premiums. To be sure, if you choose the policy cleverly, you can have a large coverage at a very affordable rate.
Basically, there are two types of policies. One is a permanent policy, which also offers scope for capital build up. The other is a temporary policy valid for a specified term. Indeed, out of all the life insurance term policies are the cheapest; if you do not take tobacco and if you buy the policy while you are still young and healthy you can get a large coverage at a very affordable rate. However, it, being a pure life insurance policy, does not offer any investment opportunity; just plain death benefit.
Receiving quotes is the easiest way one can be sure of the policy prices. Indeed, if you are interested in term life policies try online for the term life insurance quotes. However, before you can receive the quotes you need to decide on the coverage amount and coverage term first. Know that these policies are sold for 1, 5, 10, 15, 20, 25, and 30 years and the benefits are payable only if the insured event takes place within the valid years. Once the policy expires, no return can be claimed; one either needs to live uninsured or buy fresh coverage at a higher rate.
Indeed, the term in any life insurance term policy is the most vital point; if you cannot determine the term you should always opt for one of the permanent policies. You can now be assured that whenever you die, your family can always claim the benefit and start life afresh. The cash value that it accrues is another reason why it is so popular. This allows you to cash out the policy once the need for insurance is no longer felt; you can now use the money as is required.
However, whatever the policy you buy one important point to remember is that the policy will remain valid only as long as you pay the premiums on time. Another point to remember is that only those policies, which require the applicants to go through a medical test, can be reasonably priced. That is because without those tests, the underwriters can hardly be expected to determine your insurability and decide the cost of insurance objectively.
However, such examinations have some con side too; they generally lengthen the underwriting process and delay receiving coverage. If you want instant life insurance protection, you can have that too. There are different types of no medical policies that offer instant coverage; search the internet for one that will suit you most. However, such policies are a little more expensive than traditional policies are.
Try no medical exam term life insurance if you do not have any serious handicap. They do not guarantee coverage, but if you qualify, they provide it at a relatively cheaper rate and that too for the whole amount from the next day only. There is no waiting period as in whole life no exam policies. What is more, these policies can be bought fully online; there is no need for personal interaction.
Obtaining an instant policy is advantageous to the extent that it is easier to obtain and a person can immediately be covered by an insurance policy. However, because the person is not required to undergo a pre-screening medical exam, the insurance company will have to rely on the honesty of the person and willingness of the person to disclose important medical history which will affect that person's insurability.
Indeed, our penchant for security extends beyond that. We make savings as protection against rainy days and buy life insurance policies to make sure that our family may lead the same lifestyle even if we die early in life. In its essence, a life insurance policy is nothing but a legal agreement between the insurer and the policyholder whereby the former promises to indemnify the loss of life of the insured provided the policyholder keeps it running by regular payment of premiums. To be sure, if you choose the policy cleverly, you can have a large coverage at a very affordable rate.
Basically, there are two types of policies. One is a permanent policy, which also offers scope for capital build up. The other is a temporary policy valid for a specified term. Indeed, out of all the life insurance term policies are the cheapest; if you do not take tobacco and if you buy the policy while you are still young and healthy you can get a large coverage at a very affordable rate. However, it, being a pure life insurance policy, does not offer any investment opportunity; just plain death benefit.
Receiving quotes is the easiest way one can be sure of the policy prices. Indeed, if you are interested in term life policies try online for the term life insurance quotes. However, before you can receive the quotes you need to decide on the coverage amount and coverage term first. Know that these policies are sold for 1, 5, 10, 15, 20, 25, and 30 years and the benefits are payable only if the insured event takes place within the valid years. Once the policy expires, no return can be claimed; one either needs to live uninsured or buy fresh coverage at a higher rate.
Indeed, the term in any life insurance term policy is the most vital point; if you cannot determine the term you should always opt for one of the permanent policies. You can now be assured that whenever you die, your family can always claim the benefit and start life afresh. The cash value that it accrues is another reason why it is so popular. This allows you to cash out the policy once the need for insurance is no longer felt; you can now use the money as is required.
However, whatever the policy you buy one important point to remember is that the policy will remain valid only as long as you pay the premiums on time. Another point to remember is that only those policies, which require the applicants to go through a medical test, can be reasonably priced. That is because without those tests, the underwriters can hardly be expected to determine your insurability and decide the cost of insurance objectively.
However, such examinations have some con side too; they generally lengthen the underwriting process and delay receiving coverage. If you want instant life insurance protection, you can have that too. There are different types of no medical policies that offer instant coverage; search the internet for one that will suit you most. However, such policies are a little more expensive than traditional policies are.
Try no medical exam term life insurance if you do not have any serious handicap. They do not guarantee coverage, but if you qualify, they provide it at a relatively cheaper rate and that too for the whole amount from the next day only. There is no waiting period as in whole life no exam policies. What is more, these policies can be bought fully online; there is no need for personal interaction.
Obtaining an instant policy is advantageous to the extent that it is easier to obtain and a person can immediately be covered by an insurance policy. However, because the person is not required to undergo a pre-screening medical exam, the insurance company will have to rely on the honesty of the person and willingness of the person to disclose important medical history which will affect that person's insurability.
About the Author:
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life term insurance and life insurance quote, visit his site today.
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