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Few things to consider when signing up permanent life insurance contract

Monday, April 7th, 2014

We are all well aware that many things in life can be measured – some by money, some by other means. When it comes to money, most of the things we have can be presented in form of monetary value – our house, our car, even our health. One way for people to preserve the value of the things they own is signing insurance contracts. Now, only question that remains is: how do you measure life’s worth? That’s right, life can’t be measured! What can be done instead is making sure that our loved ones are taken care of in case something unexpected happens to us – by signing a permanent life insurance contract.

If you are thinking about making this step, be sure to check all parts of what is being offered in contract. Here are some things you should check first.

  • Permanent life insurance is also considered to be a form of saving money. Unlike savings with banks, money from insurance policy can’t be withdrawn at will. There is a clause in every contract saying exactly when and what amount of money can be withdrawn – you should know that insurance has its costs.You will not be able to withdraw all the money you have invested in your policy before it ends.
  • Check if you can have insurance from illnesses along with your life policy. You may be in full health now, but in 20 years your health may not be as good. This option is useful in case of serious health conditions such as heart attack, stroke, cancer etc. – if you have this option offered be sure to take it. You will be paying some extra money but if any of mentioned conditions happen, you will be paid out in full (insurance policy ends and payment is made to owner – same as in case of death).
  • Another thing that you should consider with permanent life insurance contractis insurance against injuries. Almost all insurance companies have this as stand-alone option but it can also be incorporated as a part of life insurance.

Insurance companies have all sorts of offers, pre-made for different types of professions and different aged people. There are more options than those mentioned above offered with any permanent life insurance policy, so be sure to read carefully what has been offered and don’t be shy to ask questions – insurance agent working on your contract must explain every little detail before you sign the contract.

OTHER PERMANENT LIFE INSURANCE 101

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