by Brian McKay
As adults, there seems to be a never ending number of bills to pay just to survive day to day, like rent and utility bills in order to put a roof over your own head, and road tax, car insurance, and petrol bills just to get yourself from A to B.
Insurance is one of the most frustrating expenses as we don’t know if we will ever benefit from the money we are putting away, however we feel insecure without the safety blanket it provides. Life insurance from a company like Dan Madeley Insurance, however, is one form of payment that you know will benefit you via your loved ones, as the provider pays out when you die in order to financially support your dependents. It's important to shop around for life insurance, especially when you are in ill health, to make sure your loved ones will benefit from it in the event of death. Life Insurance for Seniors, for example, is especially important to purchase due to their high risk of age-related illness.
Are There Different Kinds of Life Insurance?
There are three different kinds of life insurance; term, universal, and group. Group life insurance policies are usually taken out by companies who offer life insurance as part of their company perks scheme. The policy will usually cover an entire group of employees as a way for the policy holder to cut down on costs, or they will offer it to the employee for them to pay themselves rather than the higher costs they’d usually pay for individual cover.
Term life insurance consists of making payments for a fixed term such as 10 years, during which time if you pass away your loved ones will receive a pay-out. Whereas universal life insurance has an additional element to it, where you can build savings by investing them, in the hope that they will eventually cover the original payments.
Can I Keep the Cost of Life Insurance Down?
The value of the payments that you will have to contribute towards your life insurance policy will depend on a number of factors relating to the individual concerned. Firstly, your age can make it more expensive for you, as the older you are the more likely is it that you will pass away during the term covered. When shopping for life insurance and checking the prices for your age, it is very valuable to get free life insurance rates from Affordable Life USA, for example.
Your general health also comes into play, for example, if you are a smoker the cost will go up as it is more likely that you will develop problems like lung cancer which can lead to early death.
Other lifestyle factors can also have an impact, for example if you drink regularly or take part in dangerous hobbies. And finally, your medical history is taken into consideration, so any history of illness would be considered as a sign that you could become unwell in the near future.
How Do I Apply for Life Insurance?
Applying for life insurance is pretty straight forward. Firstly, you will need to contact a provider and answer a few questions from them in order to get an initial quote. Next, you’ll need to fill out a formal application form, then you’ll need to take a medical exam. Once that has been completed and terms have been agreed, the provider will begin to underwrite your policy.
Life insurance is a good option for those who are in debt when they get to old age, as they can build up a body of money which can be used to pay it off when they pass away, rather than it being passed down to relatives. It is also useful if you feel that your dependents will struggle financially when you pass away, or if you just have spare cash that you’d like to grow, in order to leave something positive for your family while they are struggle with the event of your death. Zenruption.com is the place to go if you’re looking for advice on all kinds of financial issues, including other kinds of insurance options that you could make the most of.
