All About Life Insurance Plans

LIFE INSURANCE

     I have written an article about Life Insurance. Many people find this topic serious. But I say that this contract is as important as the Will and should be taken seriously as health insurance. Because of the length of the content of the article I have provided chapters for easy reading. I hope this will teach you about Life Insurance and the importance of its need. (Note: To better understand that "You" is the policy owner and insurer)

Chapters:

1 = Introduction

2 = When / When you already have Life Insurance

3 = Differences between Insurance Agent and Broker

4 = Types of Policies

5 = What passengers and popular types of passengers

6 = Medical examination

1) About General Health Insurance:

This is an agreement between you and the insurance company. You pay a certain amount (premium) to the company to change the benefit (called Death Benefit, face value, or policy value) to the beneficiary (the person you want to get paid at the time of your death). This can be based on the type of policy (which will be discussed temporarily). Your health, interests, insurance company, how much you can pay in premiums, and the amount of the benefit. Sounds difficult but not the case if you have the right agent or vendor.

Now many people can say that Life Insurance is like gambling. You bet you will die at some point and the insurance company bet you will not. If the insurance wins, they keep the premiums, if you win ... okay you die and the death benefit goes to the beneficiary. This is a very serious way to look at it and if so you can say the same about health insurance, car insurance, and rental insurance. The fact is, you need life insurance to reduce the burden of your death. Example 1: A married couple, both highly paid professionals have a child and like any other family, they have monthly expenses and one of them is dead. The chances of your spouse returning to work the next day are very slim. Circumstances in fact that your ability to work in your work will decrease which puts you at risk of not being able to pay the expenses or use the money you have saved or invested to pay for these expenses DOES NOT include death tax and funeral expenses. This can be very costly. Example 2: low middle family, death occurs in one of the leaders. How will the family be able to maintain their current financial life?

Life insurance is about the ability to reduce the risk of financial burden. This can be in the form of simple cash or tax on estate planning.

KEY Definitions:

Insurance Insurance: A person covered by an insurance company (NOT at the policyholder)

Owner (policy): The one who pays the premium, manages the beneficiary, and is basically the contractor (SHOULD NOT be insured ... hopefully you understand that it can be / or).

Face Value: Also known as death benefit. Amount to be paid to the beneficiary.

Beneficiary: Will the person / persons / organization receive a face value (death benefit)

2) When / When You Have Life Insurance:

First, you should review your beneficiaries once a year with your policy almost once every 2-3 years. This is free! You need to make sure they are not benefiting from the people / people you want to get paid for! Divorce, death, disagreement, anything like that can make you change your mind about someone to get this benefit so make sure you have the right people, estate / trust, AND / OR organization (nonprofit) get the benefit. In addition, you need to update every 2-3 years because most companies can offer a lower premium or increase the benefit if you renew your policy or if you find a competitor who sees you paying premiums that may compete with your business. In any case, this should consider saving money or raising the policy value! This is your win so there should be no reason not to do this.

3) Life Insurance Agent or Broker, what is the difference ?:

The main difference is that Agent is usually an independent sales man who often works with various insurance companies to provide the client with the best policy. But the Broker is working for a particular company. My advice: always choose an Agent. Not because I'm alone BUT because the agent can look at your profit by providing a variety of quotes, types, available passengers (described later), AND the pros / cons in relation to each insurance company. If you do not like a certain insurance company, tell the agent and he should move on to the next manager (if he insists for some reason, fire him) Consumers NOTE: The agent must be paid by the selected carrier, not by you directly. If an agent asks for money in advance for anything, RUN! There are also Insurance Agents you pay for but to keep things simple, see Agent. Supervisors and Agents are also good at reviewing current policies to reduce premiums or increase profits.

4) Types of policies:

There are two main categories: Term Term and Permanent Insurance. Within each of the 2nd category there are sub-categories. I will describe you at a glance so that you can make the best choices for yourself and your loved ones. Remember, you can have an asset / trust or organization as a beneficiary. (Note: There are sub-categories above these sub-categories but the differences are small and self-explanatory which I did not include in this article).

Term Insurance: A provisional policy where the beneficiary is only paid when the insured (you) dies for a certain period of time (hence the term "Term"). Term Insurance is usually less expensive with a small death benefit. Some do not