Another name for the life insurance is life assurance. life insurance can be defined as a contract made between the insurance company and the clients. The client in this case is referred to as the insured while the insurance company is the insurer. The client pays an amount of money after the contract is signed. The amount paid is known as premium. It can be paid monthly or yearly. This will be based on the agreement that both parties has agreed. The money that is being paid by the insured is then held by the insurance company. The money will be given to the beneficiaries that the insured will leave behind after his or her death. There are some situations whereby the insured may take the money. In case you have a terminal illness and you are incapable of funding the hospital bills, the insurance company can give out your money before you die. You can also use the money and this is by planning your funeral. You can also use this platform as a method of saving your money.
Once you have decided to have a life insurance cover, you should make sure that you choose the best company. You can choose a life insurance company of your choice since they are too many. Check h reputation of the company. Chose the best company after doing enough research. Its services must be readily available and for this reason, you will not have to use so much time in the company. Ensure that you check whether the insurance company is financially stable. You can get such information from the magazines, websites and in the news and this will help you make a well informed decision.
For you to be able to have a life insurance cover, there are some qualifications that you must meet. One of the major qualifications is the age. You must meet a certain age for you to get the life insurance cover. Age will also be a determinant on the type of orders you make. When you are young, you have more products available. However, when you are old, there is a limitation as to what you can choose from the list. The eligibility for the client to choose the products available will end when you are sixty years of age.
Gender can define the qualification. Female will tend to live longer compared to men. Therefore, the insurance policy for men will be higher than that of women. Gender will be base to determine the amount of money paid.
Another determinant of the life insurance cover is the health status of the client. Your health status will be determined when you take a physical exam. When you are healthy, this means lower premium.