You can also refer life insurance to life assurance This is a contract that is mainly arranged by an insurance company and a client. Some terms used is the insured referring to the clients and the insurer referring to the insured. The client pays an amount of money after the contract is signed. The amount paid is known as premium. It can be paid monthly or yearly. This will depend on the agreement that the insurer and the insured has made. The insurer will in return hold the money paid by the insurer. Upon the demise of the insured, the money will be given to the beneficiaries. There are some situations whereby the insured may take the money. when you have a terminal illness and you are unable to fund the hospital bills, then you can ask for your money. The money can also be given out when you want to cater for the funeral bills. You can also use this platform as a method of saving your money.
You should ensure that you select the ideal life insurance company. There are very many insurance companies in the market and for this reason, you can choose the insurance company that is going to serve your interests. Check h reputation of the company. You must conduct research to be able to select the best company. Its services must be readily available and for this reason, you will not have to use so much time in the company. It is very important to check the financial status of a company. Some sources to get the financial status of an insurance company is on the internet and on the newspapers.
For you to be able to have a life insurance cover, there are some qualifications that you must meet. Age determines whether you qualify or not. This is a critical factor that the insurance company checks when they are determining who gets the life insurance. You will also get varying products based on age. For instance, if you are found to be of young age, you are going to have more products to choose from. There are limited products for those who are old. The eligibility for the client to choose the products available will end when you are sixty years of age.
Gender can define the qualification. Females have a higher expectancy than males. In terms of expense, the men’s policy will be a bit expensive compared to that of women. Gender will be base to determine the amount of money paid.
The state of the health of the insured will also determine whether he or she qualifies for the life insurance cover or not. When you are taking a life insurance cover, there is a physical exam that is carried out, some medical questions are also asked to determine your state of health. When you are healthy, this means lower premium.