FAQ

Your age and the obligations you have both play a role in determining how much life insurance you need. It is a very significant component of your overall process of financial planning. Purchasing life insurance is recommended for a number of different reasons. It’s possible that you’ll have to ensure your dependents don’t have to struggle financially in the event of you passing away. Also, Life Insurance can be used as an investment or retirement plan.

Insurance plans vary widely. Depending on the policy, you may be covered for a set number of years or for the rest of your life. Some can be converted to cash, while others cannot. In addition, you may be able to switch between different types of insurance with some policies. While you’re still alive, you may be eligible for additional coverage benefits. Term life insurance and permanent life insurance are the two primary categories of life coverage. 

The answer is no; if you purchase a policy on your own life, you will become the policy’s owner. You, as the owner, have the ability to name anyone—even a complete stranger—as the beneficiary.

A life insurance policy can only be purchased by someone with a “insurable interest” in you. That means it’s impossible for a total stranger to acquire life insurance on your behalf. Members of your close family are the most likely candidates for an insurable interest. Your employer or a business partner may also have an insurable interest depending on the circumstances.

Take into account the unique dynamics of your own family.Consider how many years your loved ones will rely on your income and multiply that sum by your annual pay. To keep up with their current standard of living and pay for necessities like food and housing, your family will require a certain amount of money each month. 

Obtaining life insurance even if you have a preexisting ailment depends on the severity of your health issue and the results of your medical exam.

The answers about  the health questions on the life insurance application will be used to determine your premiums and eligibility for coverage. Heart diseases, heart attack,diabetes, cancer. and kidney disease are all examples of preexisting disorders that must be disclosed.

When purchasing either term life insurance, you have the option of adding critical illness coverage for an extra premium depending on the policy.

If you are diagnosed with, or get treatment for any critical illnesses covered during the term of your policy, and you are still alive after a number of day, months, or years, depending on the Insurance company, you maybe paid you a lump amount.