For most insurance types, the insurance company will continue to add your premium to the fund under your name. If you happen to die before the policy expires, you will be fully compensated. If the expiry date of the insurance policy is flat, you can demand payment of all premiums and interest. This kind of insurance policy is often a little expensive.
If you don’t worry about whether you can recover the insurance premium after the insurance period expires, but want to protect your family at a reasonable price, you can choose regular insurance. In a term insurance policy, the low premium you pay only guarantees that you will be compensated if you die during the insurance period. If you are lucky enough to buy that time, you will buy your prize. You don’t have any money.
Some insurance companies have created humanitarian exceptions. If a serious life threatening disease is diagnosed during the insurance period, half of the insurance benefits will be paid.
All kinds of life insurance, including term insurance, can only be paid by the company when the insurance policy is withdrawn one year before your death.
There are many types of term insurance.
There are three basic types of term insurance.
The first is horizontal term insurance. These insurance policies will guarantee you a certain level or fixed amount no matter the insured dies after 1 or 10 years of insurance.
The increased term insurance policy is designed to increase the insured’s compensation by 5% every year the insured buys, just like the life sustaining bonus. Generally speaking, they will increase by 5% every year until they reach your preset age. Usually 65 or 70 years old. Because they continue to increase your insurance coverage, the premium charged for this insurance policy is a little expensive.
Many banks provide life insurance as a supplement to housing mortgage loans. These policies are usually designed to imitate the housing mortgage loans they belong to, which is proportional to the reduction of the scale of housing mortgage loans, and the annual expenditure is reduced. These are cheap life insurance policies, but they are of little value.
There are many other variants on this topic.
The above life insurance options are intended to provide a one-time compensation for the insured’s family members, but if he happens to die during the policy guarantee period, some people find that large lump sum payments cannot be as useful as income replacement plans. The life insurance company pays a predetermined amount to the family every month to replace the lost family income. These are called family income welfare policies. If a family does not have the expertise needed to invest a large amount of money wisely, it is a comfort that an insurance company provides them with insurance.
The monthly income and expenditure promised in these policies can be observed only when the policies are effective. If a person dies one year before the insurance policy expires, his family can only get one year’s compensation.
Suggestions on how to purchase affordable term life insurance
Insurance
To find the most affordable quotation on a term life policy, you must find knowledgeable agents. If you really know that a term insurance policy is what you need, you don’t need a professional service agency to provide you with knowledgeable advice. Instead, you can simply choose the most burdensome thing, that is, only execute the agents needed for research to find the cheapest available strategy.
Joining insurance will last a lifetime, so ask the right questions slowly.
• What is the performance and financial strength of the term insurance company in selling insurance policies to you?
• Can the warranty be converted into a permanent warranty?
• After joining the insurance plan, if the terms and conditions of the insurance plan are not met, do you need to maintain it for 5 years or require a shorter period?
Finally, if you are healthy, the best way to accept competitive rates is to ask for a medical examination. The results of the physical examination will only make your insurance cheaper.
