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Know the answers to the most common life insurance questions Your personal circumstances are the most important factor ...

Life insurance is an important part of a person’s life. It is a contract between you and an insurance company that will offer your beneficiary a fixed amount of money in the event of your death within the term of the life insurance contract. If you’re the only earning member of your family, getting your life insurance policy is a necessity to protect your family from incurring huge costs throughout their lifetime. In case you suddenly die, your family will stay financially secured as you have the policy in their name. There are a lot of answers to insurance questions that needs to be studied in order to make the correct choice on the coverage and premiums of the policies.

Have a look at some such questions and their answers.


Do I require life insurance policy? Bread earners have financial responsiblity ...

If you’re the only bread earner of your family and if you have dependents in your family, you certainly need life insurance policy. Having dependents means you have financial responsibility towards them and when the question is of financial commitments, you must always secure their future life with a life insurance policy. If you insure your life, you’re actually insuring your earning ability. By getting a life insurance policy, you will let your beneficiaries lead a secured life after your demise.

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What is the cost of a life insurance policy? About monthly premiums and total sum assured ...

If you’re keen on buying a life insurance policy, you require paying premiums towards the policy. The amount you have to pay as monthly premiums depends upon various factors like the type of life insurance policy, the term of the policy and the total sum assured. You could easily pay off these premiums on a monthly, half-yearly or annual basis.


Are there any ways of reducing the cost of the life insurance premiums? How to find a good value for money ...

As you’re getting a life insurance policy, you have to look for ways of saving money on your premiums so that a large part of your monthly income does not go in paying off your premiums on your life insurance policy. There are some definite ways in which you can reduce the cost on your premiums. If you start at a young age, you will be charged lesser premiums as you’re less prone to death and therefore there is lesser chance of a claim. If you’re a non-smoker, you’ll be charged lower premiums as there is no chance of being attacked by lung and heart diseases.

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Critical Illness option covered as well.


Can I change my beneficiary on the life insurance policy? Most life insurance plans allow you to change beneficiary ...

Yes, if you want to change the beneficiary on your life insurance policy, it is not a difficult thing. You just need to contact your life insurance company so that you can follow the instructions to change the name of the beneficiary. The request to changing the name should be given in writing so that there is a proof with you as well as the insurance company. But if you have named your beneficiary as irrevocable, you may find it difficult to change the name of him.


What to do if my life insurance company becomes insolvent? There are lows that will protect consumer ...

If your insurance company becomes insolvent, you need not panic as you will still stay partially covered. There are many states that have guaranty associations that only cover the failures of the respective insurance companies. Although the amount that is provided by such an association is very limited, you can temporarily get relief from all your financial worries. The amount they can provide you will also depend on the financial resources of the particular organization.

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Therefore, if you’re keen on getting a life insurance policy to protect the life of your family members, you must educate yourself on the answers to insurance questions. This will serve as a guide that will assist you in taking a measured and an informed decision while taking the policy.

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