People say that you should always expect the unexpected. By this they mean be on your guard for something happening and be prepared. There are many things that we can not predict but can try and alleviate in ways of financial matters such as the death of a loved one. As we are all very aware death occurs at the most unexpected and inappropriate times and of course the majority of case it is far beyond our control. There are hundreds of people that die across the world every single day. Some of these people may die due to old age, illness, an accident, murder, suicide and many more reasons that could be unknown. If we are to protect ourselves and families we have to start thinking logically and practically. We all need money to survive and support us through our lives so why not start by investing in some form of insurance such as life, critical illness or serious illness to protect our own lives and families lives. If you were to take out a form of life insurance you are effectively protecting you and your family financially should something happen to you.
Life insurance has been around for a long time and there a re many reports both good and detrimental about this type of product. Like many things life insurance does not necessarily suit everyone. If you are a single, young fit person with no immediate debts or responsibilities then there is no real reason as to why you should be taking out this sort of policy? On the other hand if you are married, have children, a mortgage, credit cards, you are the main earner in the family, and may have any other form of financial commitments then you are a min candidate to take out protection insurance in the form of life cover. The reasons for this is your wages and lifestyle contribute towards the rest of your family's life, and should anything happen to you how would they be able to cope? Not only emotionally but financially as well. By taking out life insurance you are ensuring that some of the financial worries are taken care of.
Insurance companies can often have many add on's that can be additional to the policy that you bought and agreed or thought you agreed on buying. In some cases many insurers are very good at convincing people that they need these additional ad on's when really they have are of no use to the customer. As with anything these add on's are all chargeable and require the policy to be live when taking them out. Waiver of premium is one of these additional extras. This is a product available to anyone that has a current policy and is added on to that so that in the event of the policy holder being unable to pay for the policy by being unable to work the premiums will be still continued to be paid thus the policy still being active. In some cases and with different insurance providers they automatically include the waiver of premium. This is written in to the terms and conditions of the policy and if the policy holder is unaware of this, they may be paying for something that they don't want or possibly don't need. There have recently been many claims made to reclaim the monies for extras like the waiver of premium because people often find them non beneficial and are aware that they can claim the monies that they have paid out back. In some cases this could amount to a substantial amount. If you are given an option to purchase the waiver of premium it is always advisable to check over the terms and condition and clauses for this extra. Also find out the costs, if you are penalised and what will happen as a result of cancelling it. If you are thinking about taking out a waiver of premium on a policy and feel you don't know enough about it, speak to a financial adviser or someone at the company you are insuring with. If this extra is included in the policy with out you being aware make sure that there are no hidden costs for this and that you are being charged unknowingly for this.
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