All The Good Things That Come With A Life Insurance Policy
Life is a risk, and living each day involves a good amount of positive and negative possibilities. All the good things are welcomed with warm hearts, but the opposite is most always dreaded. However, there is still a great chance of them coming along no matter how they are dreaded by everyone. This is why life insurance exists, to be ready for the unexpected negativities in life.
There are presently a number of options to choose from when it comes to insurance policies providing coverage for an individual's life. One of the most popular policies is whole life insurance, which involves the eventual expiration of the supplementary benefits once the policyholder reaches 65 at the most.
The policy provides supplementary benefits in case of disease. However, this does not work for all kinds of ailments and is limited to a number of conditions. Most policies cover AIDS, cancers, Alzheimer's, Parkinson's Down syndrome and benign tumors. When the disease is contracted, a payout takes place. After which, it already depends on the specific policy on whether the life cover is continued or completely terminated.
If the policyholder becomes fully disabled, the life insurance policy is paid out in the same it is paid out when one dies. It can either be accelerated or non-accelerated. The first involves leaving a specific amount for life cover to be paid during one's death while the latter completely separates the life cover from the disability benefit one is entitled to.
In case of an accident, it is possible for one to end up with an additional amount of money from accident coverage. There are some policy arrangements that even pay out for the loss of some body parts or senses.
Another supplementary benefit is in the form of guaranteed insurability. This enables the individual to have additional life coverage policies at any points in the future. The only requirement is for the said policies to not go beyond the benefit from the original policy.
The most common advantage of having ample life coverage is the ability to claim a lump sum during the death of the policyholder. This specific benefit makes a life policy really popular among those in the lower income bracket since they end up with a good amount of money at one point in time.
With the financial assistance provided with the presence of a life insurance policy, it is definitely easier to deal with unexpected events that can render an individual less capable of providing for his own needs as well as that of his loved ones.
by: Lance Thorington