You can also refer life insurance to life assurance It is a contract signed between a client and an insurance company. The client in this case is referred to as the insured while the insurance company is the insurer. Once they have signed the agreement, there is an amount of money that the insured is going to pay to the insurance company. The amount paid is known as premium. It can be paid monthly or yearly. This will depend on the agreement that the insurer and the insured has made. The insurer will in return hold the money paid by the insurer. Upon the demise of the insured, the money will be given to the beneficiaries. There are some situations whereby the insured may take the money. In case you have a terminal illness and you are incapable of funding the hospital bills, the insurance company can give out your money before you die. You can also use the money and this is by planning your funeral. The life insurance can also act as the savings plan and for this reason, you can collect the money yourself at the end of the agreement.
Choose the best company for the life insurance. There are very many insurance companies in the market and for this reason, you can choose the insurance company that is going to serve your interests. Check h reputation of the company. You must conduct research to be able to select the best company. Its services must be readily available and for this reason, you will not have to use so much time in the company. Another thing to check when looking for a life insurance company is the financial stability and this is very vital to check. You can get such information from the magazines, websites and in the news and this will help you make a well informed decision.
For you to be able to have a life insurance cover, there are some qualifications that you must meet. Age determines whether you qualify or not. This is a critical factor that the insurance company checks when they are determining who gets the life insurance. Age will determine the kind of products that will be available for you. For instance, if you are found to be of young age, you are going to have more products to choose from. There are limited products for those who are old. The eligibility for the client to choose the products available will end when you are sixty years of age.
Another factor that determines is the gender. Females have a higher expectancy than males. In terms of expense, the men’s policy will be a bit expensive compared to that of women. Gender will be base to determine the amount of money paid.
The state of the health of the insured will also determine whether he or she qualifies for the life insurance cover or not. Your health status will be determined when you take a physical exam. You will have lower premium if you appear healthy.