Life Insurance Advice-Top TipsHopefully, this article will be able to address some of your major life insurance policy concerns. Life insurance advice can be sought from an agent or through information manuals and articles available online and offline.

If you have absolutely no clue about the kind of life insurance you want, you may first seek advice about the different policies available. For example, there is the “whole life” insurance policy wherein you will have to make a monthly payment for the rest of your life so that your beneficiaries get an agreed lump sum amount in the event of your death.

Most insurance companies will offer you three or four options when it comes to this kind of life insurance policy.

The most common one is the non participation policy, where in you pay a fixed premium for the rest of your life.

The participation policy, on the other hand, demands a high premium amount, but also pays dividends as per the financial health of the insurance company. This kind of policy is more like investing in the company.

Then there is the limited premium option. The advice for this is that it’s ideal for you if you do not want a premium liability for the rest of your life and are willing to pay a higher premium while you are earning well.

The single premium whole life insurance policy option is suitable for those who have surplus money to invest and would rather not live with the hassle of paying a premium every month or year for the rest of their lives. Needless to say this is an expensive insurance policy to buy.

Another option that you may consider is the indeterminate premium. The advice here is that you should invest in this if you are all right with a fluctuating premium amount based on the company’s estimate of investment, mortality and market situation. The good news is that even in this case the company won’t charge you a premium over a pre-decided premium cap.

These are just a few general categories; every insurance company will put its own terms and clauses that you should read carefully. Often, even whole life insurance policies come with a time cap, post which you can either claim a certain benefit (less than or equal to the coverage amount) or renew the policy.

Another important piece of life insurance advice is that, not every insurance policy is permitted to be settled before the maturity date; hence, before you go for a particular one, you must be very sure of all its terms and conditions.

Life insurance advice should always be sought from an unbiased source. Articles, manuals and agents representing multiple insurance companies are therefore your best options.

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