You can also refer life insurance to life assurance This is a contract that is mainly arranged by an insurance company and a client. The client is called the insured while the insurance company is the insurer. The insured is supposed to deposit an amount of money in the 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 premium paid is held by the company. The money will be given to the beneficiaries that the insured will leave behind after his or her death. 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. The money can also be taken to cater for funeral expenses. 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 many companies available and hence you can choose any. Check h reputation of the company. You must conduct research to be able to select the best company. Ensure that insurance company that you choose is available. It is very important to check the financial status of a company. 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. One of the major qualifications is the age. You must meet a certain age for you to get the life insurance cover. Age will also be a determinant on the type of orders you make. For instance, if you are found to be of young age, you are going to have more products to choose from. Old people are limited. You will be free to choose the life insurance products until you are sixty when you become restricted.
Another factor that determines is the gender. Females have a higher expectancy than males. Men will end up paying more for their insurance policy compared to women. Gender can also determine the premium that the person is going to pay to the insurance company.
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.