There are several types of life insurance policies and yet the underlying requirement that applies to all is the payment of premiums. If you want your policy to continue and be assured of protection and coverage you have to pay the premiums at a designated schedule. Failure to do this will mean the termination of your policy and you might not be able to get any reimbursement of the premiums that you have already paid. Another important factor that can affect your insurability for life coverage is your health condition. You will be required to undergo certain physical and medical examination especially when you are older. At other times, you will be made to answer some questions on your physical health to ensure that you are healthy and expect longer life expectancy. In any case, if you are found to be with high health risks or your occupation exposes you to dangers that can be life threatening, you may be granted life insurance but with higher premiums.
In life there is no certainty, except death. And because we do not know exactly how things will turn out in our lives – whether we will be able to work and live long enough in order to leave a size-able amount of inheritance to our family or if we are going to meet some unforeseen event that will leave our families with all the mortgage and amortization payments to fulfill – it is important to make plans and ensure that our families will not be carrying any financial burdens as they grieve their loss. Life insurance serves exactly this purpose. Life insurance is your family’s shield from any financial burdens you may currently be shouldering as breadwinner in the instance of your sudden death.
Life insurance is one way of securing the lives of your loved ones upon your death. Death can happen anytime, no matter what age, gender or health condition you may have. This is why there are different insurance policies that you can choose from, which will suit your needs. Most life insurance are paid monthly, quarterly and yearly. But there is a new type of policy that is becoming more and more popular. This is the single premium life insurance. Instead of multiple payments, a lump of sum is invested once, which will fully cover the policyholder.