Life insurance is an extremely important financial tool for anyone who
is the sole breadwinner of their family. A father, a mother, an
entrepreneur, and even a young person who started working but has a
student loan can consider life insurance. The main purpose of life
insurance is to provide a financial cushion for your family in case of
your demise.
When it comes to considering whether or not you need life insurance,
marital status isn’t something you should regard. The fact that there
could be dependent parents, student loans, mortgages, etc. can also
become a reason to consider an insurance policy.
Insurance is an agreement between a company and an individual where the
individual pays the company a regular payment in return for an assurance
of the complete amount repayment after a death or expiration of the
maturity period. The individual has to nominate a receiver for the
insurance amount.
Out of the many possibilities, there are some red flags when it comes to
insurance claims. These are death by suicide, death by murder (if the
holder is involved in any criminal activities), death by drug overdose
or under the influence of alcohol consumption, death due to pregnancy
complications and death due to a natural calamity.
Out of the many possibilities, there are some red flags when it comes to
insurance claims. These are death by suicide, death by murder (if the
holder is involved in any criminal activities), death by drug overdose
or under the influence of alcohol consumption, death due to pregnancy
complications and death due to a natural calamity.
Life insurance premiums increase with age due to the fact that the life
expectancy of humans is more or less the same. So, the older one gets
the costlier the premium will be. For example, a person in his/her 20s
may get a premium lesser than a person in his/her 40s.
Anyone with a whole life insurance policy will be eligible for an
insurance cover till 100 years of age. One can make the premium
principal amount till it is completely paid. However, for taking a new
insurance policy, the age limit is generally accepted to be around 65
years. At the age of 65, one can opt for a term policy or even a whole
life policy.
