The financial deal between you and your insurance company according to the terms and conditions applied is what we call Life Insurance. Life insurance gives you cover according to your needs and goals and certain other circumstances. There is an exchange of premium payments. Your beneficiaries are provided with a lump sum amount at the event of your death. We should always think about our life security as we think of taking insurance for our house, vehicles, business etc.
Life Insurance gives you an assurance that your dependents will be looked after and given financial support when you are not alive. The payout depends on the level of cover you buy and also on the particular payments such as mortgage and rent and other bills that you want to get covered in the life insurance policy.
Types of Insurance
1. Term Life Insurance: It does not provide a lump sum amount at the end of the policy. It is fixed for a particular period of time like 5 years Cheap College Hockey Jerseys , 10 years or 25 years which is said to be a term of your insurance policy. This policy gives you cover only if you die during the policy. The amount is paid in one shot to the nominee of the policyholder.
2. The Whole Life Insurance: The sum amount is paid at the time of the death of the policyholder. This insurance protects you when you die and also as long as you continue to pay the premiums. That’s why it is known as the whole life insurance. The sum amount is paid at the time of the death of the policyholder.
Life Insurance is a policy where the insurer looks after the financial needs of your family who are dependant on your income.
Benefits of Life Insurance
1. Accidental Death Benefit: Accidents happen anytime any place and to anyone so this insurance gives you tax-free lump sum cover. The cover will last for 90 days or if you don’t want to proceed further you can notify legal and general whichever is the earliest. The free accidental death benefit is provided, Legal or General.
2. Terminal Illness Cover: Terminal insurance policy pays you a lump sum upon diagnosis of a terminal illness than on death. This gives you the benefit when you need financial help the most ie at time of sickness. The insurance company provides you with financial support at the time of treatment of your illness. Furthermore, the meaning of terminal means you should be treated with a definite diagnosis by your hospital consultant that satisfies that your illness has reached the stage where it cannot be cured and according to your hospital consultant and medical officer your illness can cause death within 12 months.
anteed Insurance: This insurance allows you to increase your cover when there are special events like marriage without giving any medical evidence. Your Life Insurance needs cover according to your living expenses.
4. Making changes to your policy: Monthly to Annually premium changes can be applied. You can make changes in your policy like changing the amount of cover Cheap College Baseball Jerseys , switching from single to joint policy, changing the term etc.
Over 50 Cover Plan
This Life Insurance is for anyone aged over 50 where you have to pay monthly regular payments and when you cause death the insurance company gives you a lump sum of money.聽Get best plans for over 50s life insurance policy in the UK, compare online and get best senior life insurance for you and your family. This money could be used for your funeral Cheap College Basketball Jerseys , to pay off the existing debts or just it can be useful for your family and loved ones for their financial needs.
You need not have to pass any medical test and answer any health-related questions. It provides you with a lump sum money as well as it acceptance is guaranteed in this policy. Whether you cross the age above 80 or sometimes 85 also depending on the policy there no chances to be turned down.
If you want your funeral cost to be covered by the policy then the funeral expenses are offered by Over 50 Life Insurance. This is what Over 50 Life Cover when the time eventually comes. But this particular thing needs to be checked out with the insurer when you buy the policy.
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