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Life Insurance

Life Insurance
What is life insurance?

Life insurance is a policy that pays a specified amount of money after your death to a beneficiary, a person you choose. The amount of money the person receives depends on the type of life insurance you purchase. The amount you pay to the insurance company, the premium, depends on the policy you select.

Today more than 200 insurance companies write life insurance policies in the United States. Not all insure cancer survivors. Those that do offer life insurance policies for cancer survivors usually require survivors to pay a higher premium. You may not want life insurance now. You may not be able to afford life insurance. However, if you think life insurance would help you or your family, options exist for cancer survivors. Survivors who want life insurance should understand the different types of life insurance and how having had cancer affects the type of life insurance they can get.

What are the different types of life insurance?

Term Life
Term life is a contract to insure your life for a specified period of time, usually 10, 15, 20, 25 or 30 years. It is the most affordable form of life insurance. You pay a premium monthly, quarterly or annually. If you die during the specified period of time, the beneficiary (the person you leave the policy to) receives a certain amount of money. The shorter the term, the lower the cost. At the end of the term, you may be able to renew the policy for an additional term by paying more money. Sometimes, however, to renew the policy, you will have to get a physical examination or provide the life insurance company with updated health information. If a survivor has a recurrence or experiences another medical condition, the life insurance company may not be willing to renew the policy.

Universal
Universal life is a fairly new kind of life insurance. It is called permanent insurance because the price stays the same throughout your life and the policy cannot be cancelled as long as you make the minimum payments. It has flexibility. You can pay less than the full amount and keep your insurance at a lower coverage level. Sometimes you can increase the amount of insurance by paying more.

Whole Life
Unlike universal life insurance, once the premiums for whole life insurance are set, they can’t be changed. Whole life also has cash value, which allows you to borrow from the policy. The money is not just for your beneficiary when you die. You can use it while you are living. While borrowing can lower the amount your beneficiary receives when you die, it provides an extra source of money if you need it.

Guaranteed Issue Whole Life
This life insurance is for people with severe health problems. It is not available in all states. Most insurers require that you be at least 40 years old to get guaranteed issue whole life insurance. Most policies only offer up to a $25,000 death benefit. It is priced based on age and gender and is available to cancer survivors. It is expensive. Most policies do not pay a full death benefit if you die in the first 3 to 5 years after purchasing the policy.

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