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The Ins And Outs Of Life Insurance
Life insurance policies provide a means for the insured to provide for their family on his or her death or in the event of permanent disability. Insurance policies pay out a lump sum after the death of the insured. Disability cover is usually added as an optional extra.
There are various kinds of insurance policies in the life insurance field. Term life cover has no cash value, but it is reasonably inexpensive, which makes it a good policy for those who can't afford whole life cover. Whole life policies are taken out by the insured who has to pay an insurance premium. Premiums are paid either monthly, quarterly or annually. Your premium is invested by the insurance company until a claim arises.
The life insurance policy owner can borrow against the policy once the policy has a cash value. Such a policy expires when the policy holder dies or when the policy is surrendered. The insurance company can only cancel such policy if fraud is suspected.
Universal life policies include an investment portion. The returns on your investment are not guaranteed, however they could grow rapidly. Returns usually depend on the performance of the investment.
You are able to borrow money or take a loan on a whole life policy. However, the value of the policy decreases when loans are taken out on the policy. This is handy if you need some cash along the line, but you should consider that the cash value decreases. That means that there will be less cash available for your loved ones when you pass on.
A life cover policy or life assurance is a legally binding agreement between the insurer and the policy holder. The insurance company agrees to pay out a set amount to a beneficiary selected by the policy holder upon his or her death or critical or terminal illness. The policy holder in turn agrees to pay a monthly, bi-annual or annual premium.
Certain illnesses, conditions and events are excluded from life policies. These include wars and riots and may also include other life threatening acts or situations. In the case where the insurer suspects fraud, they may cancel your policy with immediate effect. Fraud includes non-disclosure of illnesses or medical conditions that could result in pre term death. Suicide is excluded for 24 months of the inception of a new policy. Whilst the full claim will not be paid out, the beneficiaries will be paid back all the premiums in the event that suicide takes place within 2 years.
Proof of death is required before a claim is paid out. At a minimum a death certificate is required and a claim form will have to be completed and signed. In the case of a large insured amount and a suspicious death, the insurance company may investigate the circumstances of the death before paying out the claim.
You can get a life insurance agent or a broker to advise you on which policy would be most suitable to your needs. Your needs and the future needs of your family will be assessed and as well as your age and other factors. Insurance brokers have to do several courses to become accredited with various boards. Therefore you can rest assured that they know what they are doing.
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This entry was posted on Thursday, May 7th, 2009 at 6:53 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.