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Advantages of  Life Insurance

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Advantages of  Life Insurance

As you know that a Life Insurance is a bond or a contract between you and your life insurance company with an exchange of premium payments. The insurance company provides death benefit with a sum payment to the beneficiaries upon the insured’s death. Life insurance depends on the needs and goals of the owner and certain other circumstances. We all do insurance of our home, our vehicles, but we don’t think about the most valuable thing of all that is our lives.

 

Below are the advantages and benefits of life insurance which will help you to take a decision for buying the life insurance policy.

  1. Accidental Death Benefit: There is free accidental death benefit legal and general. The benefit will be the amount you applied for or whichever is the lower. The cover will last for 90 days or you notify legal and general that you no longer want to proceed further, whichever is earliest.

 

  1. Terminal Illness Cover: This gives the benefit when you need the financial help the most. Your life insurance policy pays you a lump sum upon diagnosis of a terminal illness than on death. The life insurance company provides you with financial support at the time of treatment of your illness. But the meaning of terminal means there should be a definite diagnosis by your hospital consultant that satisfies the following points:
  2. your illness has no known cure or has reached the stage of where it cannot be cured.
  3. according to your hospital consultant and Legal&General medical officer, your illness is supposed to lead to death within 12 months.

 

3.Guaranteed Insurability: Your Life Insurance needs may change according to your living expense. So this option allows you to increase your cover when there are specific events like marriage without giving us any further medical evidence.

 

  1. Making changes to your policy: You have the right to make changes in your policy like changing the amount of cover, the term, switching from single to joint policy. You can also change your premium payments from monthly to annually.

 

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Extra Cost Benefits

1.Waiver of Premium

This helps you in paying the premiums when you are not able to work due to some illness or injury and are eligible to claim. After 26 weeks legal and general will continue to pay the premiums for your policy until you reach the end of the policy or return back to work.

 

2.Critical Illness Cover

This benefit gives you cash payout if you are diagnosed with one of the 41 critical conditions that the Legal and General cover. It can cover additional medical costs, to pay off your mortgage or even any necessary adjustments to your home.

When you apply for the policy you will be getting the option to select waiver of premium or life and critical illness cover.

 

Who can get the benefit of your Life Insurance

It’s all your decision to choose the right person as the beneficiary of your life insurance policy. It can be anyone, your spouse, child, friend or relative. Your Life Insurance company cannot influence your decision for who should be the beneficiary, but they may give you ideas or opinions about who is concerned for your welfare.

It’s not necessary to tell the beneficiary about the nomination of your life insurance policy. Sometimes the beneficiary doesn’t know until the insured person has passed.

 

How to Choose a Beneficiary of your Life Insurance

After your death, the sum assured upon your death will be given to the person who is named a beneficiary on your life insurance policy. You should always think about why you have taken the life insurance policy. Whether you have dependents, are you married? do you want to secure your family? your children’s education?  depending on all these questions you can decide who you name a beneficiary on your life insurance policy.

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