Death and life insurance is not pleasant to think about for anyone let alone some who is in the prime of their lives.
Nobody likes to think about these things but the truth is that we cannot afford not to. Especially if you have family members who depend on your income. What will happen to your family once you are gone? And if you do not have the needs of others to think of have you ever thought about what would happen to you if you had to suddenly become disabled?
Life insurance is a safety net that will be there for you and your family in the event that something like that should happen. And it need not be such a hassle.
Many insurance companies offer insurance online. You can get an online insurance quote at no cost. What about those medical examinations? Well there are some insurance companies that require you just complete a simple medical form a questionnaire and they will send you your quote by email. This also allows you to shop around for the best deals from the comfort of your home.
What is life insurance?
Life insurance is an insurance that one takes out in the event of death or in the event of critical or terminal illness. The policy holder pays a certain amount of money every month to the insurance company with the agreement that the insurance company has to pay a designated amount of money to the designated beneficiaries on the occurrence of those events. Insurance companies calculate the risk factors and then establish the amount of money that must be paid by the policy holder. Factors which affect the price of premiums are factors such as smoking, existing illnesses and age.
So where to start?
Well firstly you would have to choose the right type of cover for you and your family. You have to understand that there are two different types of life cover. There is the term life insurance and whole life insurance.
Term life insurance, insures you during a specified period of time it maybe from ten to thirty years. When the period is finished you may choose to renew the contract although the rate would be different due to your new age and requirements concerning coverage would have changed. Term life insurance is risky in the sense that if nothing happens to you in that particular term you could have nothing to show for all those years of paying your premiums.
Whole life insurance covers you for the duration of your life. And although more costly than term life insurance your premiums stay the same and your beneficiaries will receive the full amount upon your death.
Getting an insurance quote.
As mentioned before, you can obtain an insurance quote easily online by simply completing a medical form. Always be completely honest when completing these forms, as it is not in your best interest to try and trick the system into getting lower rates. The key to getting the best rates is to shop around for the best deals. Compare the rates , terms and conditions and benefits before committing to a particular life plan.
Author Resource:
For the best life insurance in South Africa visit http://www.hollardlifeinsurance.co.za .
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