Life Insurance FAQ
Why should I buy life insurance?
Life insurance protects your family when something tragic happens to you. Life cover plans allow you and your family to live without worrying about financial problems in the future. Life insurance plans are considered as a necessity for people who have dependants, who have pre existing medical problems or who have a family history of serious health problems. People who are the main bread winners of their family should definitely consider getting life insurance plans.
How much should I insure myself for?
Buyers are always encouraged to insure themselves for 2 times the amount they think they should opt for since doing so will protect their family adequately. Since the insured amount has a direct effect on the policy’s cost, many buyers tend to opt for a lower insured amount. Doing so is not recommended since there are other ways to save on premiums, such as comparing quotes and opting for online insurance deals from reputed insurance brokers.
Are these any limitations to life cover plans?
The only limitation to this type of insurance is that, families of policy holders get the compensation payment when the policy holder has died out of natural causes or due to an accident. This means that if the policy holder has committed suicide then the family will not get any compensation payment.
What will happen if I miss paying a premium?
Most insurance companies are very strict about receiving payments. In most cases, when policy holders miss paying 1 or more premiums, their policy will either be put on hold or will be cancelled.