subject: Finding A Good Life Insurance Policy [print this page] Caring for one's loved ones and looking into the future is the reason many people take out life insurance. This insurance will assure income for those who are near and dear when one passes away. Being assured that this will happen eliminates a worry that often is entertained by someone who is the sole breadwinner in the family.
The huge amount of different life insurance policies on the market today is overwhelming. They all have different benefits and may provide income if one becomes seriously ill or has other problems. Some people use an insurance policy as an investment to provide for when they retire. Whatever kind of policy one chooses a careful investigation should be made so one understands exactly what the benefits are.
Different insurance companies have different requirements when applying for one of their policies. They will do an extensive background check, require permission to obtain medical records, ask about one's lifestyle and other questions. They may require a physical examination, depending on the policy and the company.
Checking will be done to see if the applicant has applied for life insurance with another company in the past seven years as well as asking what the purpose of the insurance is. It may be for family protection, retirement planning or many other things. Each case is decided on its own merit.
Some people are placed in a special category depending on their health and if their family has had any serious illness such as cancer. This may cause one to have higher rates that others. There are usually items concerning death by suicide, fraud, riots, etc. Which exclude the insurance company from paying on the policy. Some people are deemed not insurable and cannot obtain a policy.
Insurance policy language is very difficult for an average person to understand. The many different types, the many exceptions and other things make it imperative that careful study be made before purchasing a policy. One will be paying on it for a very long time and it is imperative that one has a full understanding of the coverage.
Taking out a life insurance policy for the benefit of those one leaves behind is a generous and thoughtful action. It assures that they will not suffer financial problems and other mishaps caused by the sudden void in their lives. There are many choices on how benefits will be paid, such as a lump sum or monthly payments, and this should be determined when the policy is purchased.
by: Craig Lewis.
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