Life insurance is an important aspect in families lives, because death can happen anytime of the day. If you don’t have life insurance protection, and a fatal accident occurs, all of the expenses will be a huge obligation for the family that you left behind. Though life insurance isn’t required, it is highlyrecommendedto have for people who have families. There are a lot of things that life insurance covers, and if the head of the family dies, you are certain that you don’t have to pay for the bills that were caused by the death.
What does life insurance cover?
Life insurance obviously covers the life of the insured. For instance, a wife and husband buys life insurance, and one of them accidentally dies, whoever is the beneficiary will be able to collectall of the amount that was covered before the death. If you don’t have life insurance protection and your partner dies, you will have to be responsible for all of the burial costs, medical bills and all upcoming expenses that were caused by the death of your loved one. If both of the insured dies, all of the beneficiaries which is commonly their children, will be entitled to receive all of the insurance premium, plus all of the insurance coverage. The premium will be enough to pay for the final expenses of the parents that past away. If the couple did not write any beneficiaries in their policies, the children are not entitled to collect any insurance money whatsoever. If the couple does not have life insurance, the family members are responsible to pay for all of the expenses.
How long is a life assurance term?
Life assurance terms have different options, from a minimum of five years, up to the maximum life of the insured. For example, if they only want to purchase a five year term life insurance and they outlived the term they have the option to continue their term policy for as long as they want. If you want to renew your life insurance you don’t have to go to the process of medical examination again. If you did not renew your life insurance and something happens to you after twelve midnight of the expiration date of the policy, you will not be covered for any insurance whatsoever, and the family members that you left behind will be obliged to pay for your final expenses and medical bills. So make sure to always look at the expiration date of the policy.
What are life insurance quotes?
Life insurance quotes is a way to determine whatever the monthly premium the insured has to pay. The quotes is basically based on your gender, age, and the status of their health. It is also based on the area you live in. For instance, if you are male over fifty five years old and you are a smoker who is not in good health and you live in a very hazardous area, working for a dangerous job, your premium will be most likely higher then an average fifty five year old who does not smoke and also lives in a decent neighborhood with good health.
Your premium will only rise based on the quotes that you received from your insurance agent.
What happens to my life insurance if I get a divorce?
Your life insurance stays in force if you get into a divorce, but it is strongly advised to inform your insurance company of your marital status. It will also be advisable to choose the new beneficiary, wether you would like to remove your ex spouse as the beneficiary and give your children one 100% insured money. For example, while you were married you had placed your ex spouse as your primary beneficiary and had your children as the secondary beneficiary, you are allowed to change or delete your ex spouse on the primary beneficiary, and place your children as the primary beneficiaries. If you did not make any changes whatsoever, your ex spouse will still be entitled to receive any insurance coverage in the event of your death.
How can I benefit from life insurance?
Your family will have a peace of mind if anything ever happens to you. Another great benefit is that if you purchase the mortgage life insurance protection, and if something happens to you or any other family that is included inside of the loan, will also be fully protected. That basically means, in the event of death all of the remaining balances on the loan will be fully paid by the insurance company. All of the premium that was also paid plus interest will be fully refunded to the beneficiary. For example, if there is a balance of $100,050 on the mortgage, and they have $500,000 mortgage protection, and the insured dies, the $100,050 will be paid in full by the insurance company to the designated mortgage company. The remaining $300,050 goes to whoever the beneficiary is on the policy