Basic guide to understand life insurance

By | June 22, 2016

The insurance world becomes a little tangled for any person who does not know about the subject, but that it is aware of the need to be protected. Life insurance is not complicated. However, many are unaware of the benefits it brings to fortuitous situations. Then Yong Wai Meng will help you to understand them.

“How?”, “When?” and “Where?” are the common questions that any person does when faced with something surprising, unknown or incomprehensible. But when it comes to peer to the topic of insurance, the most important – or the elementary- is “What for?”. There is insurance for all kinds of situations and contingencies.

In may find policies for automobiles, personal accident, and life. On this occasion, we will focus on this last category that even if it involves thinking about the sad and unwelcome time of the disappearance of loved ones, it is necessary to provide for some reasons.

What for?

If you are who supplies the cost of your home and is the primary supplier of the economic stability of their family, should be aware that after death they were left without their financial support. Returning to the initial question and Elementary, the “what” of a life insurance, this type of policy is a way to keep the habits, needs and comforts that their loved ones have such as health, education, housing or recreation.

What is it that we must set ourselves?

The market offers a significant amount of insurance for which it is necessary to understand which are the variables and differences between each one. Of course, the most visible difference is the value of the compensation in case of natural death or accidental and aid in the event of incapacity or hospitalization, but below those numbers, there are nuances in small print that we have to consider to be sure to acquire the appropriate policy. For example, the duration of the plan is an argument to be taken into account. In the first instance, it is to be the age limit of coverage, which varies between 55 and 70 years. In the second case must know the times it takes the Amparo to begin to govern after having purchased your policy and, finally, to know the terms of renewal to prevent your insurance expire and their beneficiaries unprotected. This decision must obey to the needs of his family, if there are mortgages in the course, if their children are still beginning its process of university education, or if there are other long-term liabilities payable.

What will be the price?

Other factors that should be taken into account is the value of the premiums to be paid. This amount may vary depending on your age, state of health and profession. It is mandatory to be completely honest with the insurer on these variables because otherwise you may risk being left behind. It is necessary to know the exact amount of these quotas and assume that are within their purchasing level, so it is not in arrears. One of the basic requirements of the companies to be insured is to be up to date with the payments. Finally, review what additional benefits provides each policy. Some not only compensated in case of natural death or accidental ( the certain definition which also has its nuances in the contract), but that also protect when you suffer from a disability that prevents him from working for life, or give aid for hospitalization, funeral, family shopping basket or even, dental care. For each need, a particular ideal.

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