Insurance Shopping – Choose Wisely

What types of life insurance is and why we need this at all? Perhaps many of you have thought about these issues. Here’s how experts meet YahooFinance: Who needs “Life”? If people in your family are financially dependent on you, then you must think about this. This also applies to older retired couples – it is they are sure that their spouse will have nothing to rely on except his pension. The three basic steps to follow are: First – determine the amount that will be required of your loved ones to ensure their financial stability. Second – decide what insurance you need – term or a savings element.

Third – seek insurer that offers the best conditions, and do not forget to read the policy carefully before signing. What types of insurance “Life” are there? In essence “Life” is divided into hazardous and mixed (risk with savings element). Joint “Life” than purely risk part, has a savings element. The conclusion allows the insured against a minimum premium to make quality investment. Risk insurance “Life” allows the customer to choose the conditions that best suit its interests, both in the scope of risk coverage and in terms of the sum insured and the amount of benefits. This insurance savings element. The insurance premium for both insurance can be a single or periodic. With mixed “Life” possible free payment of contributions linked to the client’s income. The insurance amount can be freely defined by the customer, while the mixed insurance may be included annually increase or payment every three years of the term of the policy in the previously agreed ratio of it. The term of the joint insurance is between 3 and 20 years. Insurance may be individual – insured is healthy subjects aged between 16 and 65, and family – are insured spouses and / or their children until age 24. The term of the insurance risk is from one month to five years.

Risky coating is formed as a combination of core (compulsory) and additional (optional) risks comment from Risk insurance coverage at “Life” may include the following key risks: death by general or occupational disease; accidental death; permanent disability due to accident; temporary disability due to accident or occupational sickness. Possible inclusion of additional risks: costs of medical treatment and / or repatriation due to accident; disability due to accident; professional or sickness; Daily hospitalization due to accident or illness. In turn, each insurance company offers, besides widely popular insurance, and numerous variations or subspecies. For how much to insure? Usually people choose the amount based on your income – insurance that is designed to compensate for their absence. Multiply the annual income of at least five times (and as many as ten). Much of people’s income goes to pay taxes (money paid by insurance, are mostly exempt from taxes) and for living expenses. So first remove the taxes, then add the money needed for basic things like food, clothes, and so on..

Think for one-off costs – the education of your children, paying a mortgage and so on.., Add medical costs and maintenance the house, and you get the amount that is best left to their successors. Other types of insurance “Life” Some companies offer varieties of “Life” insurance as insurance for two paid after death of the second insured. This policy is usually cheaper than two individual insurance and is preferred in order to provide funds for the next generation or when one of the insured could not for medical reasons to get individual insurance. Also, some companies offer a package for two people at the same time, the amount is paid after the death of the first. This policy is appropriate in the event that more than one person have to pay mortgage debt and so on.. “Life” is an important part of any financial plan and such should have everyone who likes to plan ahead and They like to leave things to chance. If you do not feel informed enough to choose their own product, do not hesitate to seek expert advice.