samwyche.com – Life Insurance Policy is a legally valid written contract between the insurance policyholder (the insured) and the insurance company (the insurer), which outlines the rights and obligations of each party regarding the protection of life insurance.
Life insurance is an agreement contract between the policyholder (the insured) and the insurance company (the insurer) where the insurance company promises to provide payments based on the death of the insured.
Life Insurance Policy
Life insurance will provide benefits when the insured whose name is listed in the policy experiences severe risks, such as death or disability, causing various risks, such as not being able again to work and make an income for his family.
Loss due to death from the backbone of the family as a breadwinner not only leaves grief, but can also have a bad impact on the family’s financial side due to the loss of a worker with his regular income. But with the life insurance benefits obtained, life can still go on and provide enough time for heirs to find other sources of income.
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Life Insurance Policy Prices
The size of Life Insurance Policy Prices depends on many factors, such as the length of the policy, the amount of sum assured, the type of policy, age, and gender. The average cost of this insurance is about $26 per month. This is according to data from Covr Financial Technologies.
The following is data on life insurance prices according to forbes.com, namely:
1) Age 30 years
The average policy price is $14 per month or $162 per year for a 20-year term life insurance purchase policy with $250,000 coverage. As for 30-year-old male and female policy buyers, the policy price is $12 per month or $144 a year.
2) Age 40 years
The price of a 20-year term life insurance with $250,000 coverage is $19 per month or $227 a year If you are a 40-year-old male buyer. If you are a 40-year-old woman, then you will get a price of $16 per month or $197 per year.
3) Age 50 years
The price of a 20-year term policy with $250,000 coverage is $40 per month or $485 a year if the buyer is a 50-year-old man. However, if the policy buyer is a 50-year-old woman, then it will get the policy price of $32 per month or $386 per year.
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Life Insurance Policy For Spouse
Life Insurance Policy For Spouse will prevent your surviving spouse from financial hardship in the event of your death. When you are single, you have no obligation to make money for anyone. However, this is not the case once you get married.
If you and your partner support each other in terms of family income, then you need insurance that covers both of you.
There are many things that you are dependent on that can still be paid with money from your insurance coverage. For example, opening a new business, paying off debts, paying off loans, and others.
The best thing in buying an insurance policy for those of you who are married is to buy an insurance policy separately or individually. The advantage of this separate life insurance is that you and your partner will find a policy that suits your individual needs.
In terms of the type of insurance, term life insurance is the best option. In addition to you and your partner being able to get a suitable policy, term life insurance prices are more affordable. Another option that you can consider is universal life insurance in which there are investments and savings.
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Life Insurance Policy For Parents
Life Insurance Policy For Parents is an insurance service specifically intended for parents. As a child, of course you also want good things for your parents. However, you should ask for permission first before buying this insurance policy for them.
In insurance for the elderly, a person can make himself a beneficiary if one of them dies. This will certainly be able to overcome most of the financial problems that arise after their departure.
Consult with your insurance agent to get the best policy according to your needs and your parents.
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Life Insurance Policy For Family
This is an insurance policy that covers all family members if one of them dies. The presence of this insurance will be a guarantee for other family members to avoid various problems after the death of a family member.
There are many benefits of insurance for families that you can get, namely for daily needs, hospital fees, debt payments, loans, and so on.
A person who is the head of a family is very important to use whole life insurance. As for other family members, they can be protected with term insurance.
Actually, you don’t have to buy a special family insurance policy if you already have your own insurance policy. However, if the main goal is to protect all family members, then this family life insurance is the right choice for you.*
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Life Insurance Policy For Seniors
There are many companies that offer Insurance Policy For Seniors. You can choose and compare everything related to the insurance policy you need. You need to remember that the issue of age is the main consideration in the insurance provisions for your seniors.
Consult with an insurance agent and explain your insurance coverage needs to them. You will get a very complete recommendation from these agents.
Compare the premium price, coverage, and other things of all the insurance services you find before deciding to use it.
Conclusion
Life Insurance Policy is an insurance policy obtained by life insurance buyers and owners. Some of these policies have a term of several years and some are valid for the life of the owner. Of course, there is a significant difference in premium prices between the two.
Make sure you always consult with an insurance agent before purchasing an insurance policy. Also make sure that your insurance policy is in accordance with your financial ability when paying the monthly premium.
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