subject: One's Wisest Decision Is To Buy a Low Cost Term Life Insurance at a Young Age [print this page] One's Wisest Decision Is To Buy a Low Cost Term Life Insurance at a Young Age
Common public are always on the search for term life insurances which can be completed easily. It is because of this reason; low cost term life insurance is so popular. This term life insurance offers so many short term period plans; in addition to the other benefits offered. One of the other benefits, is that the insurant will be able to renew the policy once he completes the term period. On renewal, he is offered an option, with far more benefits; however the life insurance rates will be slightly higher
One must qualify the basic terms and conditions laid down in the insurance policy, before he acquires the desired life insurance. One of the terms is that the insurance applicant should pass the medical test to prove that he is insurability. Physically fit applicant will be able to acquire the desired term life insurance if the medical records state the same. Reason for the insurance to insist on medical examination is that the insurance would like to confirm whether the applicant is suffering from any terminal or chronic disease; thus wanted to make sure that the applicant survives the whole term
An insurant who has survived the term period or who has completed the term period successfully, will be offered to renew his policy for another term of the same policy or choose a different policy. However if he dies during the term period; insurance nominee will be able to claim the policy sum assured plus insurance bonus if any. In order for the nominee to receive the funds, nominee must furnish the insurant death certificate. Nominee may also seek the assistance of the life insurance staff if he or she has difficulties in obtaining the same
The insurer is just planning for the future of his family should he cease to exist. The life insurance that he acquired assures him that whatever happens to him during the term, his family can have the assistance that they need upon his permanent absence. This will provide a new beginning for his family without him. It is very sad but they have to accept the truth that we will experience the inevitable. We just don't know when.
It was mentioned that an applicant can get a life insurance if he passes the medical requirement. What happens if he fails the medical examination? Here, the applicant if presented with a different type of life insurance, an exclusive one. It is called the life insurance no exam. Disqualified term life insurance applicants are normally offered with a life insurance no exam. This is a higher paying type of life insurance. The insurer must be responsible to pay for the premium rates until he finishes the term
The insurer should bear in the mind, that the premium payment is for a long period and any default even for a single installment would as per the rules, lead to penalty charges. This fine, undoubtedly is distasteful. This can be avoided by the insurant if he is careful enough and pays the installment premium regularly without a break
Who are eligible to acquire a life insurance no exam?
-Those people who did not pass the initial requirement of a medical check up.
-People who continue to smoke is very much qualified for a life insurance no exam.
-Individuals engaged in a very perilous activities
-Drivers who have very bad driving records cannot pass for a term life insurance
The life insurance no exam is generally intended for people who cannot acquire a term life insurance and those who are capable to pay for any type of insurance. This is one of the best ideas of many life insurance companies. They have developed a solution to people who are deprived of getting a life insurance for themselves. They have solved the issues of providing life insurances to lots of deprived people
A notable point for the insurant is the capacity to pay the premium for the life insurance. So, take a policy now itself, when you are young and healthy. Buy a low cost life insurance. One cannot foresee how long one can have a good health. So, plan about the future of the family, for an uncertain event. In the event of the breadwinner's death, burden shifts onto the family to fact the situation. The solution to this, is low cost term life insurance and a life insurance no exam; one should make up his mind to buy one out of the two types mentioned above
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