Interesting Research on Quotes – What You Didn’t Know

Benefits and Need for Life Insurance

Whether you’ll leave a spouse and children behind or other loved ones such as siblings or elderly parents, with life cover you can make sure they are looked after should you pass away.Insurance is no doubt most important and unavoidable and as we start earning, the first thought that strikes our minds is to get a life insurance.Most common reason for delaying this is lack of time and this makes us lose valuable time which can help us accumulate corpus.Even if you are a stay-at-home-mom who doesn’t provide an income, you will still leave a major financial gap should you pass away as you run the household and take care of all the domestic aspects of the family.

On an average, life insurance benefits are paid when the insured person has died.Insurance companies mostly pay out the benefits within thirty days of the insured person’s death.An insurance company will make sure that the claims are verified and not fraudulent.Most life insurance companies require an original death certificate instead of a copy.It’s always advisable to consult your agent, or IRDA Certified professional about death benefits and claims in advance.

Take life insurance while you are young and healthy

By doing this will save you substantially compared to taking out life insurance when you’re older and have dependants.

Compare and contrast the options

You will have a fair compariosn of all the inusrance offers when you do this.

You should not be under-insured

Do your calculations and determine how much money your beneficiaries would need.

Cheap policies does not mean quality

Remember that saving a little bit on premiums every year by taking out life cover at a risky insurance company may not work to your advantage in the long run, come crunch time.

Stick to the truth

Life insurance companies do thorough investigations before approving applications and of course, before paying out large claims.

Ask yourself these questions:

What would happen to your loved ones if you died tomorrow?Would they be able to afford to pay for your funeral, your debts and your medical bills? Would they be able to afford to support themselves in terms of monthly bills, school fees, rent or bond repayments and medical aid?They should answer all your questions.

Life Insurance is designed keeping in mind that we are all prone to sudden or natural accidents and death and this is is the best precaution one can take to ensure a supply of income in times of need when a person is disabled, retires from work or human life is lost.

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