subject: Life Insurance Policy Defined [print this page] Life Insurance Policy Defined
Having a life insurance is a very relieving factor. If you know that you are insured, you are relieved of all financial worries in case of death. Life insurance companies also give out loans against the policy endowed if the policyholder reached the minimum number of years in accordance to the stipulation. The minimum number of years to avail of this is usually three and five years. The insurance policy also provides payment for claims whenever death arises.
Life insurance that is affordable is not an actual contract of indemnity. A person may decide to have more than one policy and whenever death takes place, the insured will get the entire sum of the policy. In actual practice most agents of life insurance policies just do the job of collecting and depositing premiums on policies that they sold. After the issue of the life insurance, the policyholder has the responsibility to keep the insurance policy. The decision to continue an insurance policy or stop it lies only on the hands of the policyholder. Therefore, it is unadvisable to penalize or put the blame on agents when they are unable to make collections for the premium prior to its due date. Life insurance companies, at present, provide services that include allowing the policyholders to pay premiums online so they have the chance to make the payment anytime of the day.
As a means of helping the poor or those who are suffering from low economic condition, life insurance policies are also offered for them. They can go for either the individual or joint policies. If they decide to discontinue the term of the insurance policy, it does not mean that they lose financially. However before you stop the policy, make sure that you obtain another fresh insurance policy so you will not have a break on the risk cover. In general, you can find this move as less costly and flexible.
welcome to Insurances.net (https://www.insurances.net)
