Life Insurance Quotes Cheap life insurance quotes Companies: Reason Why we need this Life Insurance?
life insurance quotes, term life insurance quotes, term life insurance, disability insurance, whole life insurance, life insurance companies, life insurance rates, life insurance types, life insurance basics, term life insurance, life insurance cost, aarp life insurance, new york life insurance, life insurance rates, universal life insurance, monumental life insurance, what is term life insurance, global life insurance, life, insurance, quotes, companies, 2013, 2014, best, top, health insurance, Life Insurance Quotes Cheap life insurance quotes Companies: Reason Why we need this Life Insurance? Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion.
Life-based contracts tend to fall into two major categories:
Protection policies — designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
Investment policies — where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are whole life, universal life and variable life policies.
There is a difference between the insured and the policy owner, although the owner and the insured are often the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe’s life, she is the owner and he is the insured. The policy owner is the guarantor and he will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. Also, most companies allow the payer and owner to be different, e. g. a grandparent paying premiums for a policy on a child, owned by a grandchild.
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In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)). life insurance rates, universal life insurance, monumental life insurance, what is term life insurance, global life insurance, life, insurance, quotes, companies, 2013, 2014, best, top, health insurance, life insurance quotes, term life insurance quotes, term life insurance, disability insurance, whole life insurance, life insurance companies, life insurance rates, life insurance types, life insurance basics, term life insurance, life insurance cost, aarp life insurance, new york life insurance, Life Insurance Quotes Cheap life insurance quotes Companies: Reason Why we need this Life Insurance?
Final Expense Coverage To Help Prepare For The Future
There is nothing worse than worrying about how your loved ones will pay for your final expenses once you pass. This is why so many people are contemplating final expense coverage. While it is always difficult to think about the person that you love leaving you, it is always going to be comforting to know that there is a cushion in place to help you pay for burial expenses, excess bills and much more. Even though this can often be a sensitive subject, it is definitely one worth discussing with your loved ones.
When you stop to look at the facts, the costs of final expenses can be incredibly hard to take if there is no sort of coverage in place. Your surviving family members and loved ones will be left to try and pick up the pieces while still in mourning to make sure that they are able to lay you to rest respectfully. If you happened to have any medical bills that you incurred at the end, there will also be these additional costs that you will certainly not want then to have to worry about.
Final Expense Life Insurance Options
Taking the time to look over your options in purchasing final expense coverage will help you to get a good idea of what you can afford to make sure that everything is taken care of once you pass. You can even enlist the help of Burialinsuranceplans.org who are specialists in final expense insurance and will be able to go over all of your options with you and explain to you all of the different plans that you have to choose from. Once you have a plan that you are considering, you can discuss it with your loved ones and make a final decision on the right funeral coverage.
No matter what, you will find that this coverage is well worth the investment by simply knowing that your loved ones will be cared for once you are gone.