Life Insurance Quotes Cheap life insurance quotes Companies: Reason Why we need this Life Insurance?
life insurance quotes, term life insurance quotes, term life insurance, disability insurance, whole life insurance, life insurance companies, life insurance rates, life insurance types, life insurance basics, term life insurance, life insurance cost, aarp life insurance, new york life insurance, life insurance rates, universal life insurance, monumental life insurance, what is term life insurance, global life insurance, life, insurance, quotes, companies, 2013, 2014, best, top, health insurance, Life Insurance Quotes Cheap life insurance quotes Companies: Reason Why we need this Life Insurance? Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion.
Life-based contracts tend to fall into two major categories:
Protection policies — designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
Investment policies — where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are whole life, universal life and variable life policies.
There is a difference between the insured and the policy owner, although the owner and the insured are often the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe’s life, she is the owner and he is the insured. The policy owner is the guarantor and he will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. Also, most companies allow the payer and owner to be different, e. g. a grandparent paying premiums for a policy on a child, owned by a grandchild.
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In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)). life insurance rates, universal life insurance, monumental life insurance, what is term life insurance, global life insurance, life, insurance, quotes, companies, 2013, 2014, best, top, health insurance, life insurance quotes, term life insurance quotes, term life insurance, disability insurance, whole life insurance, life insurance companies, life insurance rates, life insurance types, life insurance basics, term life insurance, life insurance cost, aarp life insurance, new york life insurance, Life Insurance Quotes Cheap life insurance quotes Companies: Reason Why we need this Life Insurance?
In the Event of Death, Life Insurance Protects your Loved Ones
In terms of safeguarding your family’s financial future, few things rival the effectiveness of life insurance. It is possible to obtain life insurance in policies ranging from quite small to quite substantial, and there are multiple types of coverage that can be purchased. This article is intended to provide a brief look at two of the most frequently utilized forms of life insurance.
Term life policies represent one of the more popular types of life insurance. This sort of policy essentially provides a short term kind of coverage that is valid for a defined period of time. For instance, it is possible to purchase a 15-year term policy that covers your family for precisely that amount of time.
The term policy is often favored by those wanting a policy that is affordable, but that also provides rather substantial coverage amounts. The only notable downside to such policies is the fact that they leave policy holders with nothing whatsoever once the term expires. The premiums paid along the way do not lead to any type of enduring asset. These policies are ideal when looking for life insurance for smokers or for someone of advanced age.
A second type of life insurance often chosen by individuals as a means to protect their family finances is that known as whole life insurance. Whole life is similar in nature to a term policy, with the exception of the fact that it does eventually produce cash value that can be used by the policyholder after the maturity date is reached.
Potential negatives of whole life policies include their more expensive price tags, along with the fact that coverage amounts tend to be smaller than those offered with term policies. But, many policyolders feel that the residual value built by this type of insurance makes those tradeoffs well worth it.
In order to identify the type of coverage that truly meets your family’s needs, it is wise to consult with a seasoned insurance professional who can assess your circumstances and make educated suggestions. Buying life insurance can be a complex task, it getting the help of an expert can make the process much more straightforward.
Obtaining Life Insurance For Smokers
Smokers obtaining life insurance might seem a tough ask. After all, the body is already in a state that is not going to win over many favors with insurance companies. They will want to reduce their risk and this is why higher premiums are offered. Yet, there is a way to get around these higher costs and save money in the short and long-term. How can this be done? Let’s take a look at a few methods to employ to save money.
This is an easy way to save money, but does require consistency. Ideally, the idea is to stay healthy for a year and then you will be able to ‘qualify’ for lower rates. In essence, this proves to the insurance company that you are still healthy enough to reduce the rates.
There are many people who tend to exploit the system and get sick right away which is not good for insurance companies and thus they get apprehensive with smokers.
To maximize this option, you have to make sure the qualifying period is only one year. No one wants to pay high premiums for two years, therefore make sure the qualifying period is only one year.
Most of the time if you are considering purchasing life insurance for smokers this is the best option, as you are just getting basic coverage on your health. Instead of all the additional details that can add up to cost a lot, you go with a term life insurance option to save money.
All you will be doing is paying a premium and then getting coverage for a set amount of dollars. This is the best way of reducing rates and getting the type of coverage that you are looking for. Smoking indeed is a complication, but does not have to make it impossible to find a good rate. Keep looking and you will find the right fit.
Medicare Supplemental Insurance Helps Seniors with Health Care
Medicare sections A and B cover numerous health services for people over the age of 65. However, they do not cover every medical procedure a person may need. Due to this, it may be wise to buy an additional supplemental health insurance policy. Before consumers purchase Medigap or another policy, they will need to learn how these policies can benefit them.
A Medigap policy is sold to consumers by private insurers. These policies are specifically designed to work with the Medicare plan. Some of the expenses covered by Medigap include deductibles and co-payments. As these policies vary, it is important that consumers find one that meets their specific needs.
Medigap policies work by supplementing the existing Medicare benefits. Medicare will pay for treatments first. Whatever is left over will be taken care of by Medigap or by the insured person. As medical treatments and tests can be extremely expensive, it makes sense to buy a supplemental policy when one gets older.
The average Medigap policy does not cover dental or vision care. That being said, there are some independent policies which include these services. Consumers can ask their private insurer if they have a product that will look after their vision and dental needs. It is worth noting that vision care is relatively inexpensive in some parts of the US. Consumers should weigh the cost of eye exams against the cost of the policy before they make a purchasing decision. These private plans are part of the Medicare advantage program and you will need to look at a set of quotes for the best Medicare Advantage plans for your area to know what is available to you.
In order to get a Medigap policy, a person must qualify for Medicare Parts A and B. The policy itself needs to be specifically identified as a Medicare supplemental policy. As only one individual is covered by Medigap, married couples will need two policies.
Buyers should compare one policy against another before they decide to go ahead and purchase a supplemental policy. This will ensure that the policy covers their current and future health needs.