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Why Purchase Life Insurance

The main reason to purchase life insurance policy is to protect your family, friends and loved ones when you pass away due to natural causes or an accident. Life insurance policies give the policy holder the ability to plan for his family’s future when something happens to him. By opting for a life cover, the policy holder can ensure that his family has enough money to pay off loans and mortgages in the future.

Another reason to purchase life cover plans is to give yourself peace of mind, knowing that your family or friends will be taken care of in the future. Life cover plans are available to people of all ages however the premiums charged will depend on a few factors such as the age of the buyer, the gender of the buyer and if he smokes or not. Pre existing health conditions such as: diabetes or heart problems will be taken into consideration before the buyer is offered a quote.

Term policies are offered for a fixed amount of time, usually till the policy holder turns 99 years old. The main benefit of this type of policy is that the policy holder doesn’t have to worry about renewing the policy if he takes a long term policy. In addition, the policy holder has the option to choose between monthly and yearly payments depending on his requirements.

Buyers should note that before buying a policy they need to keep their own requirements in mind since this will help them understand why they should purchase a life cover plan. Financial advisors usually encourage people to insure themselves for 10 times or more than their annual income package and to opt for additional benefits if advised.

Buyers are also generally encouraged to get additional plans such as:

since these plans protect the buyer and his family when he cannot work due to disability, injury or sickness.

It is important to remember that life insurance policies are extremely useful, however if you do not pay the premiums on time then the contract will become dormant and you will not be able to enjoy the benefits offered by the insurance policy. Buyers are always encouraged to buy policies after comparing insurance quotes from 3 or more good insurance companies since this allows them to get the best deals. There are many websites that allow buyers to compare various types of insurance policies online in just a few minutes.

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