What Should You Know Your Life Insurance Policy?

When we signed life insurance do by signing a life insurance policy. In this post we will find out what we know of that policy before signing it.

Life insurance offered to those who take the protection of people who are responsible, guaranteeing them a quality of life commensurate compensation to the beneficiaries or legal heirs in case of death and total and permanent disability of the insured.

This sum of money or insured sum usually paid once and recipients of it are the beneficiaries designated in the policy, which may be the family of the insured, partners, creditors, etc.

To decide what type of life insurance we will hire, we must analyze the needs of the family in case of death of one who generates household income. Life insurance we hire must:

- Ensure the spouse and children income for a specified period

- Ensure income for the education of children

- Cancel debt balances (mortgage or personal loans)

- Paying secured debts, such as medical, funeral, etc.

Life insurance should ensure economic tranquility to beneficiaries whose stability may be threatened with the death of the insured. Each person will choose insurance according to their needs and characteristics (age, gender, health, occupation, income, etc.). There is a safe for every need and features.

When hired a life insurance policy, the company may offer certain benefits, supplemental or additional. Sometimes, incorporating additional clauses may incur extra cost, above the main insurance premium.

Some of the most common additional coverage is: compensation for accidental death, total and permanent disability, transplantation, surgical / non-surgical interventions, serious diseases, prosthetics, kidney failure, etc.

Besides making sure that our insurance policy life has all the coverage we need, we must value the price but should not be the only important element that we value when it we are also interested to know the company, its reputation, background ... For this purpose it can serve an advisory insurance is an insurance broker. This advisor can inform us about different policies from different companies and it is important that before the insurance will inquire all the doubts we have.

To hire a life insurance policy, the insured must complete a form that requires personal and medical information, and the type of policy and the amount of the insured capital is contracted. The company uses this information to determine whether to issue the policy or not, therefore it is important that all questions completely and honestly, otherwise the cover may be affected answered. When the policy is issued, the application becomes part of it and any misinformation that has been done can lead to the annulment of the policy.

 

IN SUMMARY

- The recipient must know the type of policy that the insured has, any changes you make and where it remains saved it.

- It is desirable that an additional named insured beneficiary (child) if the primary beneficiary dies before him.

- The insured must select the settlement of capital to determine how capital will be paid to the beneficiary time.

- No need to hire an attorney to enforce the insurance policy.

- Most life insurance has a period of initial lack that is usually around 3 months.

- We must ensure that our policy in the beginning and end of the validity of it appears.

- The higher we will be more complicated to us to make us a life insurance.

- We must ensure if any capital reduction at a certain age or unspecified causes.