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Benefits Of Life Insurance


Each type of insurance has its own benefits and life insurance is considered to be one of the most beneficial insurance plans since this type of insurance plan allows people to protect their families after they pass away. Life cover policies ensure that the policy holder’s family and friends do not have to suffer financially and can pay off loans or mortgages when they get the proceedings from the insurance company.

Another benefit of life cover policies is that the policy holder can select his beneficiary beforehand. The beneficiary is the person who will get the insured amount after the policy holder passes away. The policy holder has the right to select a friend or family member as the beneficiary while he applies for the policy. In most cases up to 5 beneficiaries can be added and the policy holder can amend this list anytime he wishes.

Some insurance companies offer additional perks for buyers who opt for one or more policies from their company. These benefits include no blood tests or medical tests to get policies and free pick up of blood for tests. Usually insurance companies that do not ask too many questions or do not do any tests before giving life cover policies, charge a higher premium than companies that do tests and ask the patient for his medical history. Life cover policies are offered to both smokers and non smokers however smokers are usually charged a higher premium since they are in the high risk group. These days people with pre existing medical conditions can also get these plans easily.

If the buyer opts for other types of policies along with life cover policies then he can enjoy additional benefits for a reduced cost. Some of the other types of insurance that are offered by insurance companies along with life cover plans include:

  • income protection plan
  • trauma insurance and
  • disability cover.

Other types of insurance plans may also be offered to the buyer for an additional premium.

It is important to note that if the premiums are not paid on time then the benefits mentioned above are not offered to the policy holder.  Due to this reason, buyers are encouraged to opt for a policy they can pay for every month or every year without any problems. By comparing quotes online of life insurance policies, buyers can save money on premium and also enjoy some additional benefits.

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