A life insurance seems to be a wise decision, because it not only reflects the responsibility you are
manifesting for your family, but also represents a financial protection in case of your death.
Even if it is not a "funny" thing to make any plans related to your death, considering that the world we are living in becomes increasingly insecure one, a life insurance became a personal plan to be seriously analyzed.
Except for terrorist attacks all over the world, statistics proves a high rate of accident deaths in
general, and the last news on climate changing are coming to prove the simple fact: an accident
death can occur in anyone's life.
The ironic part in this deal is that eventually the fear of Insurance Company not paying up might
replace your fear of an accident death! This is why it is good to investigate and inform your self more before you take any decision.
There are two general type of life insurance: Term Life (General) Insurance and Permanent (Lifetime) Insurance. Which one will be your best choice? It really depends on individual needs of protection. In case you find difficult to take these decision, it is helpful to consult at least one company's agent on insurance, in order to understand which choice will fit better your personal needs.
Term Life Insurance foresees to pay out the money in case of your death that happens within a
specified period. Permanent Insurance, it is lifetime insurance and supposes larger investments.
It is important to figure out the answer for some questions before getting the insurance:
- Who will carry out the cost in case you are making a claim?
- Can there eventually be any exclusion/restriction circumstances that might be applied for you
and your family?
- What legal structure protects your rights if you are having problems with the insurance?
Here are few tips presented by BBC:
An amount of money which the policyholder has to pay towards the cost of a claim, for example, the first £ 100.
Insurance where the amount of cover and premiums change automatically in line with inflation.
An independent person paid for by the insurance company to assess the amount payable for a claim.
You can employ a Loss Assessor to act on your behalf, particularly helpful if you have a complicated or large claim. For a fee - usually a set percentage of your eventual pay-out - they will negotiate to ensure that compensation from the insurance company is maximized. The Institute of Public Loss Assessors can put you in touch with one of their members in your area.
Cover for property with no deduction for wear and tear. The item lost or destroyed would be replaced with a new
Someone involved in a claim that is neither the policyholder nor the insurer.
When the sum insured is not enough to cover the maximum possible loss or damage.
Person who decides whether to accept a risk and calculates the premium to be charged.
A damaged vehicle, which is not repairable, or one, which would cost more to repair than the car was worth before the damage occurred.
Even if insurance might look at someone's view a selling/buying process of hope, it is in fact a
pragmatic and profitable personal investment.