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Life Insurance: 12 Things You Should Know About Life Insurance

Jul 30, 2008
A Life assurance policy is a contract between an insurance firm and an insured person which endeavors to pay out a certain sum of money to the beneficiaries of the policy as a direct result of the insured person's death. There are essentially 2 primary forms of life insurance policies.

About all of us are acquainted with term life assurance, since it tends to represent the more popularly selected of the two. It is less costly and it only lasts for as long as you require it to last.

Whole life insurance is life assurance that underwrites you for the entirety of your life, unlike term life insurance which simply covers you for a definite quantity of years. With a whole life insurance policy, your beneficiary will receive a death benefit. Whole life insurance policies also provides you the alternative of unchangeable premiums, which means you will pay the same premium as long as you faithfully keep up with payments. Your premiums may not increase!

Here are 12 things you should know about life insurance.

1. Life insurance for a child is cheap. Purchasing cheap life insurance for your child guarantees that your child will have the protection that life insurance offers.

2. The reason behind purchasing life assurance is so that the dependents can maintain their lifestyle in the event of death of an income earner.

3. The insurance policy must be active when the policyholder passes away, otherwise there is no insurance coverage available. If you were to pass away whilst the policy is in effect, the insurance firm pays out a sum of money. If you outlive the remainder of the term, the policy is stopped and delivers no residual value whatsoever.

4. The easiest way to ensure that your dependents maintain their standard of life is to provide for a replacement paycheck upon your death.

5. An underwriter can easily calculate how much life insurance you'll need by calculating how much is needed to replace your income in the event of your death.

6. The life insurance policy pays up a face value death benefit whenever you die or a "cash in value" of the policy if the policy is stopped.

7. Smokers are considered to represent a much higher risk of dying of smoking related diseases and will pay proportionately higher premiums for their life assurance.

8. Requesting a life insurance quote online can save you time because online request forms can be completed in a matter of minutes.

9. Capturing a life insurance quote online is more economic as you do not have to hire the services of a broker or an agent.

10. You are able to hunt for life assurance companies yourself by entering your insurance keywords into a search engine and then going over and fine-tuning the results.

11. Many of the insurance companies have an online form that you may fill out and submit. They will then reply to you with the quote.

12. If you are searching for a life assurance quote, you will be required to complete the forms and submit them online in order to receive quotes.

The life insurance quote business online is prospering. Discovering a life assurance quote online can spare you clock time and money.
About the Author
Copyright 2008 - Daniel Theron. What You Should Know about the basics of the debate concerning life insurance and getting a whole life insurance online quote.
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