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Questions you need to ask about Life Insurance
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If you are searching for life insurance quotes, you may be tempted by cheap life insurance companies claiming that you can protect your family with $1 million insurance. It sounds like a great idea, isn’t it? These ads refer to term insurance, where you will be covered for a certain number of years, say 10 or 15.
The concept is very simple: if you die while your policy is active, your benefactor will receive the benefits, but there are many types of term insurance policies available at your doorstep. So, before exploring any option, ask these 5 questions from yourself
What I am trying to get from such insurance policy
Before purchasing any life insurance from cheap life insurance companies, you need to decide why you are buying it. The purpose can be varied like
- Are you purchasing policy to protect your family members in case of untimely death?
- Are you purchasing policy to fulfill your financial commitments?
- Do you want to leave money for a certain philanthropic purpose?
Remember, term insurance will not pay a claim- if you outlive the policy’s term. If you want to safeguard your family from financial obligations, you can take assistance of permanent insurance. If you are in a financial distress, then term insurance is a perfect match for your requirements.
What kinds of policies are available?
Most life insurance companies proffer two types of insurance policies
Group Insurance Premium- Most employers provide group term insurance policy because you’ll get protection as a large group. Usually the amount is deducted from a paycheck, and all you need to do is to complete the questionnaire. Here are some advantages of group life insurance
- It is easy and convenient
- No medical examination required
- Automatic payments from your paycheck
Individual Insurance Policy- An individual insurance policy provides exclusive coverage for your health and well being. In order to attain individual insurance policy, you have to undergo a medical examination, and give insurance company permission to have a sneak peek on your medical records. Here are few advantages of individual life insurance policy
- It is mobile coverage and it won’t end once you leave the job
- It has a level premium like for 10-20 years or 20-30 years, etc.
- It is a flexible option as compared to group insurance policy because you can convert this policy into whole life insurance policy, according to your whims and wishes.
Thus, before selecting any policy, you need to compare life insurance policies. Cheap life insurance is not the best option; you might have to look into different options.
What if I won’t die?
The next major question what will happen if you don’t die or you outlive the policy’s term. If this is your concern, you need to understand what will happen to your policy as you end the term.
- Premiums may accelerate
- You might need a new policy
- The coverage can drop- Supposedly, you needed policy till the time to cover your mortgage or until your child education was paid. In such case, you might want that your coverage should expire.
From where to buy the policy?
You can obtain life insurance quotes from search engine or you can seek the help of financial experts. Obtaining life insurance quotes from online distributors can be advantageous; all you need to do is to compare life insurance policies from different distributors.
Website: http://lifeinsurancequotescheap.com
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