Before exploring what life insurance is all about, it is important to understand a couple of basic insurance terms. Most insurance transactions involve two parties: The person taking out the insurance policy is called the insured and the party promising to provide coverage to the insured (the insurance company) is known as the insurer. When it comes to life insurance, this differs slightly. The company that will pay out the claim is still the insurer, but in the case, the person receiving the payout will not necessarily be the insured. The policy owner will nominate a designated beneficiary and this beneficiary will be the one receiving the payout.
The owner and the insured can however also be the same person. If clients buy policies on their own lives, they are both the owner and the insured. Now you are probably wondering how someone will benefit from his own life insurance policy when he’s not alive anymore? Remember that life insurance does not only provide coverage in the case of death, but also in the case of disability
As these policies aren’t as straightforward as other insurance policies (someone gets hurt and someone pays), insurance companies have to include certain exclusions into the contract to protect themselves. They will for example not pay out claims relating to suicide, fraud or riots.
It is very easy to get life insurance quotes:
World Wide What? The internet is usually the first place to start any search. Most insurance companies have their own websites and you can quickly and conveniently compare products and obtain life insurance quotes in a matter of minutes!
Ring Ring, who’s there? We all (I’m making a statement on behalf of all the ladies) love talking on the phone, and getting life insurance quotes telephonically should therefore be a breeze for most of us. And if we are afraid of high telephone bills, we can simply request a “call back” and one of the company’s friendly and professional staff members will get back to us shortly. Let’s face it, the last thing you are in the mood for is the “thank you for calling, you are number four thousand four hundred and forty four in the queue, please hold the line!”
Will a broker make me broke? Life insurance brokers are (usually) educated advisors who specialize in life insurance. They are therefore always up to date with the best products available on the market and would also be able to offer advice on which product would suit each individual’s needs and requirements the best. Independent brokers are usually a good call as they will be able to supply you with life insurance quotes from more than one company. If they are working for a specific company they will obviously try to convince you that that company is the best possible choice!
No matter which route you choose to follow, always compare as many life insurance quotesas possible. Between 3 and 5 is a good number, but the more the better.
Don’t delay; make sure that you and your family will be taken care of in case of death or disability.
