Life insurance are those who subscribe to that in case of accident or death, our family paid a financial sum to mitigate to some extent our loss.
Much has been written about this type of policy and there are many people who believe it is big business for insurers, since time, the arts are not looking to make cash money to the family.
Cases of this type can be read on the Internet for some time, however, insurance is becoming more reliable time and now it is rare that such cases happen, ever be clerical errors or because the insured or family have not read the "small print".
Searching the Internet documentation for writing, I read a case in which the family complains that they have not received the money from the policy of the parent and feel cheated by it. Looking, I investigate and find the problem. In one of the clauses of the policy it is said very clear that the policy will not be effective if the undersigned dies of illness and the firm knew it. This was the case of this family. The father had a disease diagnosed prior to the signing of the insurance.
Most of the time the problem arises because we signed without reading things, since all the information we have well described in our policy.
We must pay attention to the clauses relating to guaranteed values among them, especially those concerning rights of surrender and insurance for non-payment of premium.
Another important aspect is to know exactly the designation of beneficiaries of our life insurance and priorities and the exact age at which capital recovery, if life insurance savings involved will take place.
In cases of temporary disability coverage, we know that the period of low valuation is carried out by experts of the insurer, although we remain inactive as the doctor. At that time, we will stop paying compensation.
The most important in hiring a life insurance policy is when we make the health claim.
- Do not hide data; it may involve the termination of the contract. In addition, the same questionnaire usually includes an authorization to the insurer to investigate their medical history.
- Nor give more data than they request. For example, if he says that if he had a sick leave over 15 days in a row in the last five years, do not expect that there but it seven years ago.
- Requiring a doctor examine him. So, if something happens later, the insurer is obliged to fulfill the contract.
Good to know certain things, like there is the possibility that death is not accidental, but deliberately caused by the insured or the beneficiary. To prevent fraud, suicide usually make after the first year, unless otherwise agreed. If the beneficiary intentionally caused the death of the insured, the premium becomes the policyholder.
When we hire a life insurance must designate beneficiaries, if we are not sure we can put the legal heirs. If we did not have a clear beneficiary, in the case of death the premium would become the property of the borrower. We can change the beneficiaries simply communicating it to the insurance company.
Check our needs and choose the insurance that covers us better. Each insurer offers many possibilities, so the market will surely find one that covers us. We must review that do not already have life insurance, which may already exist if you have a mortgage, personal loan or any extra service that we hired.
We should read the fine print to be sure you understand and agree with all the terms. Thus we understand in which cases are covered and which are not.
Life insurance recorded, so if the death of a family does not know if this person had one or more life insurance beneficiaries who are, you can request a report.
Remember that if you have other insurance (car and home for example) with the same insurer may obtain a better price or benefits in our life policy.
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