Life Insurance Facts » Health

The Best Life Insurance – Which Is It?

mariane — Thu, 29 Jan 2009 21:41:23 +0000

Of the options to choose from, the best life insurance is without doubt term life insurance. It affords the insured maximum coverage at a small cost, while its premiums are relatively low especially at the onset of the policy.
It is also a temporary protection for a specific time period.

What is important is for you to be properly conversant with the policy and its implications before even talking with the brokers whose motives and enthusiasm is sometimes driven by sales. This policy pays out a specified lump sum to your dependents on your death, money that they can use and/or invest following the loss of income.

You will find that t erm life insurance could also be easy to buy. Before you look for what fits the bill for you, outline your parameters as to how much you need and for how long, taking into consideration the age of your dependents who really are the beneficiaries of this kind of policy. Then compare term life quotes of different insurers and how they are rated. This comparison can easily be done online. At this point you could use the advise of an insurance broker for the expertise.

There is one major disadvantage of term life insurance, if you outlive it you get no payments or refunds, and all that money literally looks like it has been a waste. This policy also has no cash value.The other disadvantage is that premiums increase with age because the risk of death gets higher.

Like any decisions involving finances be sure the course of action you take is right for you and your loved ones. Do some homework. All said and done, the best life insurance for you especially if you are still young with a growing family will be term life insurance.

Accident Life Insurance

mariane — Sat, 17 Jan 2009 10:43:33 +0000

In the US, there is one death every 5 minutes, resulting from an accident. Accident Life Insurance is therefore important for you not just for the sake of your loved one, but the payout will cover costs resulting from injury and disability after an accident. In the unfortunate event of death from the accident, the money can go towards things like debts that you may leave behind, and even funeral expenses.

In the case where the accident does not result in death the payout from this policy which is paid directly to the insured will help take care of hospitalization, medical costs and the time out of employment.

Normally life insurance is made to give security to your loved ones in case you die prematurely But this is a policy that covers you from accidents, disabilities and injury from accidents, and even death from accidents. It covers you 24 hours beyond where medical and disability insurance does. And this plan will payout regardless of other insurance covers.

Accident Life Insurance can be administered through your employer and premiums deducted through the payroll. It is transferable in case you move from one employer to another.

Basically after an accident, the insurer will payout the benefit directly to the insured and because it is independent of any other policies it is very convenient. Usually for this product no medical exams are required and because premiums are worked out through the employer, anyone aged 18- 69 years and is actively at work for at least 20 hours a week qualifies and can take out a policy. Spouses aged 18-69 are also eligible for this plan.

Accident Life Insurance is actually versatile, affordable, flexible and convenient. Ask your insurance broker or financial adviser then consider if it meets your needs.

Life Insurance Mortgage

mariane — Tue, 13 Jan 2009 15:42:48 +0000

Life insurance mortgage is insurance taken against your mortgage that ensures that in the event that you should die, your dependents will not pay towards the mortgage as the policy pays off the remaining debt. This is the case if you die within a specified number of years.Your mortgage debt decreases over time and correspondingly, so does the potential payout.

The cost of your policy will be dictated by age, sex and general health. In other words the less likely that you will die during the policy term the cheaper it will be for you. Whether you smoke is a major factor, and premiums shoot up if you do. If you have quit, you need to be smoke-free for at least a year. If your death is found to be smoking- related, the policy is invalidated. The policy payout is fixed so the cheaper the policy, the better for you.

Use a credible company to draw up a Life Insurance Mortgage for you, keeping in mind that brokers are not all the same and that their commission levels vary. Be honest and open especially about medical and family histories. This eliminates the possibility of the insurer using the non-disclosure clause as a reason not to pay out. Check carefully before you buy the policy to make sure that the policy terms are right for you. Get proper advise and take your time at deciding.

If you own your home jointly with a spouse or partner you can go for a joint policy if you find that this turns out to be cheaper than a separate policy. It might not be . And if you take a joint policy, go for one that pays out on the first death. This is possible.

Most lenders will insist that you get a policy when you take a mortgage and for those with defendants it is worth considering. Most of the time you have no choice but to take up a Life Insurance Mortgage because it is mandatory when borrowing money.