Insurance Products; From Cheap Life Insurance To Instant Term Life Insurance
A life insurance policy is a contract between a policyholder and the insurer whereby
the policyholder promises to pay a fixed amount as premium at regular interval and against this, the insurer promises to pay a predetermined amount as death benefit to his beneficiary. If you are not aware, the policyholder is the person who buys the policy, the person in whose name it is bought is called the insured, though, in most cases, the policyholder, and the insured is the same person. The beneficiary is the person who gets the death benefit on the death of the insured. The premium is the amount one has to pay to stay covered. It may be paid monthly, quarterly or annually.The premium one has to pay depends on various factors such as total sum assured, age of the insured at the time of policy purchase, kind of policy you are going to purchase etc. There can be temporary term life or permanent universal, whole and variable life insurance. However, if you want cheap life insurance with large benefit you must buy term life insurance. A term life, as its name suggests is valid for a set term' only. Although it is sold for 1/5/10/15/20/25/30 years, ten to thirty years span is more common. However, decide on it carefully because if you need to buy further coverage at the end of the term, you will have to pay at a higher rate.
The term life policies are cheap. Nonetheless, the rates for such policies are decided after considering various factors such as age, gender, health status, tobacco use, occupations etc. Women get coverage at lower rate while those with hazardous avocation have to pay more for the same amount of coverage. If you take the mandatory medical test, you will get the coverage at cheap rates, while those opting for instant term life insurance such as life insurance no exam have to pay more. Anyway, whatever be the amount of premium, only a percent of it is utilized to buy the death benefit. The rest is used as administrative cost.
With the advent of internet shopping, purchasing a policy has become very easy. All most all the major brokers have gone online these days and receiving quotes and applying for a policy have become very convenient. All you need to do is to fill up the quote form and with a click of the mouse, quotes from various insurance carriers start appearing on your monitor. You will now have to compare these instant term life insurance quotes and apply for the one most suitable for you. However, there are ways you can turn this cheap life insurance policy even cheaper. Talk to your broker about it.
A life insurance broker or an agent is there to help you to choose the right policy. There are some instant term life insurance policies that you can receive completely online without having to meet the broker or his representatives. Such policies are called life insurance no exam. However, they cost all most three times more. If you want cheap term life insurance, do have a session with the broker because these people are experienced and are aware of all the technicalities of the policies. Moreover, today you do not need to visit them, but they will come to your home and at their own cost too.
Here are some other relevant facts about a life insurance policy:
You must check the credit rating and claim payment record of the carrier before you buy the policy from him.
If you are looking for cheap life insurance have it fully underwritten.
What is more, having to sit for medical examination will induce you to stay fit and lead a healthy life.
You have to pay the premium on time and so it has to be affordable.
The money your beneficiary is going receive as death benefit will be tax-free.
Buy a policy today and experience and feel the bond of harmony all around you. Remember this is also a type of saving a protective umbrella for you and your family.
Insurance Products; From Cheap Life Insurance To Instant Term Life Insurance
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