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Assurance Insurance

Assurance Insurance

Probably you have heard about the assurance insurance

, but chances are that you dont know what it is about. Well, this is a type of insurance package where the holder of the policy or the beneficiary is assured of getting payment back after a period of time. It is an agreement between the insurer and the policy buyer. In the time of death or critical illness of the policy holder, the insurer has to pay the agreed sum of money. However, when the insured attains the age of 65, the money is paid out to the holder regardless of whether he is ill or dead. Thus, the assurance insurance helps during old age, as a form of pension, or when one is going through financial difficulties. Not only does the policy holder benefit but also the dependents are secured the rest of their lives.

The difference between life insurance and assurance insurance

Many people think the assurance insurance and life insurance is one and the same thing. However, that is not the case as each has different responsibilities, advantages and disadvantages. So its important to know the difference so that you can have the right one for you- one that meets your specific needs.

Life insurance is for a specified period of time unlike the assurance insurance. It states that only when you pass away, the insurance company will pay the amount of money. If you out live the policy, it expires and has no value. The only time that you get the policy is only when you claim it.

In assurance insurance, its both an investment and insurance. The agreed amount of money will be paid to the policy holder, whichever is higher at the time of claim. The period of time that you have had the policy will determine the amount of money that you get. If one passes away while the policy is still in effect the insurance pays the higher value.

Every year that the policy is effective, the insurance company adds a bonus amount on the value of the policy and also adds an additional bonus at the end of the policy. This means that the assurance insurance increases every year.

Assurance insurance is more expensive than the life insurance, but so is the pay when it falls due. Its important to think carefully and choose the option that is right for you. The one that you choose has to depend on the income you have and preferences.

Benefits of assurance insurance

Assurance insurance is a mixture of investment and insurance and you would have the chance of getting higher amount than the one in the insurance clause. In addition to that, the insurance company will give more bonuses on the total premium of the guaranteed value and also there are bonuses at the end of the term.

The other benefit of assurance insurance is that, if you die in the continuation of the term, the insurance company will pay a higher amount than the one guaranteed. The rates that you have to pay are also very low especially if your budget is limited. You will be able to afford to pay the premiums.

Similarly, with assurance insurance, chances of being short-changed are minimal, despite the fact that you may not have firm knowledge or control of the assurance firm and how it operates.

Factors to consider in assurance insurance

First, you have to list down a number of insurance companies that offer the assurance insurance and check their background so as to know the different types of policies they offer moreover clients reviews. Then assess your health background and that of your family. After doing all that, contacts the short listed companies and ask about their policies and give you details on the coverage period and the benefits, premiums and the procedure of making the claims.

The assurance insurance policies also do not change quite often, and if they do you will be informed of the changes promptly. For one to get the best insurance policy with great benefits, you have to look for reliable insurance firms. The most important thing is to get the most suitable policy with great benefits and the assurance insurance is the best as the benefits will outweigh the costs.

by: Alex Shawn
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Assurance Insurance