Term life insurance is a basic life insurance policy that is affordable for most people. Although not as beneficial as a permanent or universal life insurance policy, it is definitely a cheaper option. If you, the insured, are relatively young and healthy, then the premium amount would be less and the term of the insurance long.
What are the considerations you should be aware of as a policyholder?
First would be the total amount of coverage the beneficiary of your policy is likely to receive upon your untimely demise during the term of the insurance policy, then the clauses and conditions of the insurance policy that is usually mentioned in fine print in the policy document. Third would be the price of the premium you are expected to pay regularly for the term life insurance and finally, the financial stability and prosperity of the insurance company you are selecting, to ensure they do not fizzle out of the market within a few years.
Request quotations from diverse companies, both Government owned and private insurers, and compare the figures – the cost, the payout and the term of the life insurance – prior to finalizing the most suitable option for you. Check online quote services to find a good term life insurance or make the effort to speak to a competent agent who works for a reliable insurance provider.
Those insurance companies that offer a satisfying term life insurance policy must be rated well by professional rating companies like A.M.Best, Fitch, Moody’s and Standard & Poors. For this to happen, they must provide long-term insurance policies like a 10, 20 or 30 year term period, allow for a solid minimum coverage sum, approve policy conversion options, and recognize an attractive array of policy riders that lets you, the insurance policy holder, to include a multiple number of illnesses.
It makes sense to have a term life insurance as you grow older and want to ensure a substitute for a loss in income for your family, your dependents.
Health insurance is one kind of insurance policy that specifically covers the insured’s surgery, hospitalization, and specific medical expenses as per the terms of the policy. Depending on the terms agreed upon, the insurance agency may directly pay the hospital the predetermined percentage of totals costs, with the policyholder being required to pay the rest. Alternatively, some health insurance policies require the insured to first pay the entire expense out of pocket to be reimbursed after filing a claim with the insurance company.
Why is health insurance necessary?
In the present times when surgery, hospitalization and medical care is increasingly expensive, putting aside a sum of money every year towards the health insurance premium will go a long way towards covering a large portion of hospitalization expenses if the need arises.
How can I get a health insurance quote?
Health insurance quotes are widely available online. These avenues of getting health insurance quotes online can give you a clear idea of what to expect in terms of annual premiums and what degree of coverage you could expect. Later, based on these initial quotes, you could discuss the details of the policy with a representative of an authorized insurance company so that the terms of the policy are very clear.
Can I be denied insurance coverage by the insurance company in case I have a pre-existing health issue?
Until recently insurance agencies could deny coverage for individuals who had stated that they were suffering from a pre-existing chronic health condition. However, under recent amendments to insurance norms, insurance companies have to provide coverage for pre-existing conditions in case hospitalization or surgery is required. In such cases, the premium might be a little higher, and the insurance company may require you to undergo a thorough health exam at intervals. For such individuals with pre-existing health conditions, they could opt for a Pre-existing Condition Insurance Policy, details of which are widely available both online and with insurance companies.