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Understanding Life Insurance

Aug 17, 2007
Life insurance is very much important most especially for those who have people depending on them. You never know when you'll die and you wouldn't want to leave your dependents (especially if they are still very young) with no financial support.

The first step in getting a life insurance would be realizing that you actually need to have one. The type of life insurance coverage that you will get will depend basically on your family's needs. You typically have the universal life insurance, whole life insurance and term life insurance. Take the time to understand these three types of life insurance and determine which would best fit your needs.

After deciding on the type of insurance that you will be obtaining, find out the amount likely to be your death benefit or the amount that your dependents will get when you die. A general procedure to compute for your death benefit would be to multiply your current annual salary by seven. That amount should be the minimum amount for the life insurance that you need.

In choosing your insurance company or provider, a major consideration would definitely be one that provides lower premiums but it is of utmost importance that you also take a look at the financial strength of an insurance company to be confident that your dependents will be able to get their insurance claim when the need arises.

Create a list of the potential insurance companies that you are considering. After which before making any call or making inquiries, prepare beforehand all the necessary personal information like name, address, contact number, employer, social security number and other information which will be useful. You will have to undergo a medical exam if you will be getting insurance from other than your employer. Insurance companies would charge higher premiums for smokers and for certain other conditions.

After you a get an insurance policy, you should take the time to read it and understand exactly your coverage. If you have clarifications or questions, you should never hesitate to ask your insurance agent.

Dependents can make a claim on an insurance policy when a loved one dies. While they may be grieving at the lost of someone important in their lives, the insurance claim can help ease their financial burdens. The process in filing for a claim is not that difficult. Just call the insurance agent or provider for help on the details.
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