subject: Why Should You Invest In Maryland Life Insurance? [print this page] Maryland life insurance is a way for people to protect and provide for their families upon their death. When people buy this type of coverage, they are signing an agreement which states they will make payments at regular intervals. Then when the person dies, the beneficiary will receive payment from the insurer. Each policy is different and the insured should review all of the terms and exclusions of the agreement prior to purchasing it.
The contract will list all of the events covered by the insurance. Some of the covered events include death caused by critical or terminal illness. Some of the events not covered by many policies include suicide or fraud. The purpose of the policy is to mitigate the financial loss felt by the beneficiaries when the policyholder dies. To ensure the beneficiaries will be covered upon his death, the policyholder should thoroughly review which events are covered and what exclusions apply.
If the insurance carrier believes that the death is not a covered event, then it can contest the claim and investigate. The insurer will need proof verifying the death of the policyholder. A standard form of proof is a death certificate. If the claim is contested, the insurer has a certain period of time with which to perform an investigation and decide if the policy will be paid.
Term insurance provides life coverage for a specific period. The person will pay a set premium for a certain number of years. Then the premium may change based on various factors. Even though the premium may change, there is usually a maximum limit that the premium cannot exceed. This type of coverage ensures the beneficiary will receive the listed value of the policy.
Whole life insurance issues payment to the beneficiary upon the policyholder's death, but this type of policy also allows the insured to use some of the money during emergency situations. When the insured takes money from the policy and does not pay it back, it will decrease the amount of money received by the beneficiary upon death.
An accidental death policy covers the beneficiaries if the insured died from an accident. This type of coverage tends to be less expensive than other forms of insurance. The policy may not only cover accidental death but may also cover loss of arms, legs, hearing or sight. Death or injuries stemming from high-risk activities such as hang gliding or speed racing will probably not be covered.
Acquiring Maryland life insurance can lighten the financial burden people in your life will endure upon your death. An insurance agent or representative can discuss your personal and financial circumstances to help you determine the policy type most suitable for you and your family.
by: Barb Rasmussen
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