Cheap Life Assurance

2007-03-08 10:33:40

( Insurance )



Life Assurance in General
Life assurance, or life insurance, refers to an insurance that guarantees payment of benefits in the event of death. Some life assurance plans provide for living benefits. These living benefits are paid in the event of deadly diseases or permanent disabilities.

The Cost of Life Assurance
The cost of life assurance is computed based on mortality statistics, exposure to risks, and currency considerations. Since the basic concept of life assurance is the spreading of risk, personal health evaluations are usually made before life assurance policies are granted. If you are at a high risk of death, disease, or disability, the premium you pay will most likely be expensive.

Cheap Life Assurance
Can life assurance be cheap? The answer is yes. It can be very cheap. The key is knowing the kind of assurance you wish to purchase. Cheap life assurance is available if all you desire is the protection of a life assurance policy without living benefits, or savings.

Term Life Assurance
The cheapest life assurance available is term life assurance. This is life assurance that will cover you for a specific period only. Since this does not entail protection for an entire lifetime, the willingness of a company to grant this type of assurance is great. It will not require medical check-ups or a great knowledge of personal history. It is by far the cheapeast life assurance you can ever find.

Cheap Whole Life Assurance
Whole life assurance, which covers you for your entire life, can also be cheap. However, this will often require you to pay for the assurance during your entire lifetime, at a low rate. Since the cost of protection will be spread out over your entire life, the cost computed will be less than a policy that is paid for within a limited period.

Disadvantages of Cheap Life Assurance
Cheap life assurance usually inolves only the basic protection that you can avail of. while this is good for your budget, it may not be the best thing for your beneficiaries or your family.

Advantages of Cheap Life Assurance
Cheap life assurance is easier on the budget, and will not suffer high chances of non-payment. A high-maintenance policy with excellent benefits may actually wreak havoc on your budget, and result in non-payment. In the event that a policy lapses, you suffer the risk of losing the money you already paid.


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