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Cutting Health Insurance Costs
Surveys of self-employed individuals consistently show that one of their major concerns is the ability to buy affordable health insurance. One in 4 self-employed persons has no health insurance today even tough more than 70% of these people could...
Health Insurance 101 for Individuals and Families
The changing healthcare and health insurance landscape in the United States has resulted in more individuals and families purchasing health insurance coverage on their own. Rather than touch on the number of reasons why this is the case, I would...
Life insurance-features and objectives
The life insurance is conceived to protect people dependent on one from the financial losses that such people would incur in case of one’s death. The life insurance policy has become a fundamental part of sound financial owing to its association...
Life Settlement :Towards A Free Market for Life Insurance
The Life Settlement market is all about providing due access to needed cash from existing life insurance. This so-called free market referred to as the life insurance industry’s secondary market is based on a central premise, namely that the value...
The advantages of term life insurance.
Copyright 2005 Stacey Zimmerman
There are two main types of life insurance that are available to everyone; there is whole life insurance and term life insurance. Many people are unaware even of the existence of term life insurance, which is a...
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Everything You Need to Know About Life Insurance
Life insurance is a type of protection that can be bought and insures the buyer in the event of death. The risk that is assumed by the insurer is the risk of death of the insured. Life insurance is a very good purchase in order to protect a family, especially if you are the sole breadwinner. Additionally, life insurance can help pay for funeral costs and therefore ensure that your death will not be a financial burden for your family.
It is important to understand the process of life insurance in order to truly grasp its value. A life insurance transaction has three parties: the insured, the insurer, and the owner of the policy (the insured and owner of the policy are often the same person). One of the most important parties involved with life insurance is the beneficiary. The beneficiary receives the policy proceeds upon the death of the insured. Only the owner of the policy can change the beneficiary. If the beneficiary is an irrevocable beneficiary, then any changes in beneficiary must be agreed to by the irrevocable beneficiary.
In order to solidify a life insurance plan with an insurer, the insurer must evaluate the insured’s lifestyle. The insurer evaluates the risk of insuring the customer. Some insurance companies will not grant insurance to people with serious health issues, or extreme lifestyles. Insurance companies charge differing amounts for life insurance based on the risk evaluation. Part of the risk evaluation is a health evaluation. There are for categories for people seeking life insurance: Preferred Best, Preferred, Standard, and Tobacco. Having no family history of illness or early cancer, and being extremely healthy and active can result in a
Preferred Best rating. Depending on lifestyles, and family histories, a person is slowly moved down the ladder. It is easy to move down the categories but almost impossible to move up a category.
Life insurance is a legal contract that has terms and conditions. In the event of the suicide of the insured, most insurance companies will declare the policy null and void. Misrepresentation by the owner or insured on the life insurance application is also a plausible reason for the policy to be nullified. Insurance companies are entitled to know the circumstances of the insured’s death and can decide whether or not the policy should be nullified if there is suspicion of suicide. A death certificate must be shown to the insurer to prove the death of the insured.
As with any insurance policy, life insurance takes a substantial amount of time to mature. Once matured, the “face value” of the policy is given. A policy matures upon the death of the insured, or when the insured reaches a certain age. Depending on the policy, the insured can make differing amounts of payments over time. As with all insurances, failed payments result in the termination of the insurance.
Life insurance is a very good thing to have because it protects your family’s financial well-being. In the event that you were the sole worker, life insurance can pay your family your salary for many years (depending on the policy). Life insurance can also cover the costs of funerals and therefore your death won’t be a burden on your family.
About the Author
Peter Wise is fascinated by insurance. More specifically, Mr. Wise is interested in life insurance.
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