Life Insurance Companies

2007-03-08 10:33:40

( Insurance )



Life Insurance
Life insurance is an insurance that will provide monetary benefits in the event of death. Some life insurance policies include living benefits which are receivable during your lifetime, if you acquire certain diseases or disabilities.

Kinds of Life Insurance
In terms of the period of coverage, life insurance companies provide term insurance and whole life insurance. Term insurance is life insurance that will provide protection for a limited term. Whole life insurance will provide protection for your entire lifetime.

In terms of payment scheme, whole life insurance can be limited pay or ordinary. Ordinary life insurance will require payment of premiums for your entire life. Limited pay life insurance will require you to pay premiums for a specific period only, after which the coverage will continue perpetually.

Endowments
Life insurance can also be mixed with endowments, which will provide savings and life insurance. Endowments cover a specific period, during which premiums are paid. The premiums will be divided to pay for life insurance and savings. At the end of the period, money with interest will be returned, and the life insurance coverage will likewise cease.

The Best Life Insurance Company For You
Choosing from the myriad life insurance companies can be a difficult task. Here are some guidelines for you:

1. Life insurance companies that have been in existence for over a century are generally stable.
2. Life insurance companies that promise too much in return for your premiums may be trying to perpetrate a scam.
3. Life insurance that is marketed as an "investment," but which does not disclose the attendant risks, is dangerous.
4. Life insurance companies should explain to you the mechanics of your policy.
5. Ask your friends who have experienced receiving benefits from a life insurance policy for a referral to a good life insurance company.
6. When buying endowments, ask many questions about the risks involved, and volunteer information regarding the purpose of obtaining your endowment.
7. Do not allow life insurance companies to force you into purchasing exorbitant policies. You must purchase the best insurance for your budget.


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