A life insurance policy involves a one-time or monthly payment in exchange for insurance coverage. Life insurance policies are valid for up to 30 years.
Good health can mean lower payments to the LICs. “Relatively good health is required to get a lucrative contract. It is better to conclude a contract at a young age and for long term, this will allow you to get a loyal tariff,” says Tom Linkous, the owner and agent of Linkous Financial and Insurance Services.
If a person has a chronic disease, it automatically increases the life insurance policy cost.
Having a life insurance policy makes a person free to choose a job. The companies rarely include life insurance in their social package currently.
“Having a personal insurance policy provides peace of mind. It allows you choose a job that suits your desires not the family needs”, Linkous states.
Life insurance plans can be converted to other tools. Insurers are willing to renegotiate LI contracts. They can be changed into investment insurance contracts or retirement annuities. “If premature death does not occur, term insurance plans can be transformed into plans that can ensure a comfortable old age,” Linkous notes.
A life insurance policy allows support family and even pets after the LIC client death. “Daily expenses of a family will not disappear with the death of one of the spouses. Besides, in a state of grief, people may not be able to work. The life insurance policy also covers various loans, including mortgages,” the speaker concludes.
Photos are from open sources.