There has often [have] been a misconception about Life Insurance. If you get this coverage, you’re either wasting your money or wishing untimely death upon yourself. The only problem with thinking this way is that no one truly knows when a mishap will occur.
It is so sad that we had to lose some of our loved ones in 2020. While a late loved one can never return to earth, those they leave behind can be taken care of.
The main purpose of life insurance is to meet an insured person’s debts and other financial commitments in the event of death. Here are some common Life Insurance question [s] you should know the answers to;
1. When is the best time to apply for life insurance is?
Today, because you don’t know what might happen to you tomorrow. The younger you are when you apply, the lower the monthly rates will be for the entire term. Since you do not know either, when your life will change or terminal illness, it is best to do it now.
2. In the life insurance planning process, what is the “blackout period” considered as?
The period when a surviving spouse does not receive any social security benefits. It is when a widow with children ceases to receive any social security benefits until she reaches the age of 60, unmarried and can then benefit.
3. What does contributory group life insurance mean?
Group Life Insurance occurs when the employee will contribute to the premium payments, while the employer pays the rest.
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4. Do you get your money back if you don’t die before your term policy ends?
Er, no, you don’t. But there is a policy called term life insurance that allows you to buy life insurance for a stipulated period of time (e.g, 20 years). This type of insurance expires after the agreed period unless the insured renews. If the time expires and the insured is still alive, he gets a certain percentage of his money back.
5. Is it expensive?
According to LIMRA, many people often overestimate the cost of Life Insurance. The good thing about Life Insurance is that the amount paid is not fixed. What works for A may not work for B. Based on what you have, an insurance company guides you on what policy suits you.
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