Why Having a Life Assurance Plan can be As good as Having a Life insurance plan
A life assurance plan allows you to make sure your family is protected in the event of your death, during the policy term. You decide on how much cover you would like as well as the length of time you would like to be insured for. Your premiums will never change (unless you change the amount of cover held under the policy or alter the plan), allowing you to budget confidently. An assurance policy is different from an insurance plan. They will pay out a claim in the occurrence of an event that is sure to happen, whereas insurance pays out an insurance claim of an event that might happen. Assurance policies will always pay out, unlike insurance policies. They’ll pay out in the event of a passing away, or when the covered person reaches a certain age. So it can be seen as a type of investment. In case of the policy holder or covered dying within the coverage term or while the policy is still active, the insurance company will pay out a claim to the insured’s nominated beneficiaries to pay for your income and also to assist them financially.
So many people are unaware of the difference between life insurance and life assurance. People may choose a life insurance plan where a life assurance policy could be more advantageous and suited to their needs, so it is crucial that you understand what the difference between these two policies are. Assurance policies enable you to make sure your loved ones are protected in case of your death, but it also needs to cover you for other situations too. Additionally , they need to be able to adjust to your needs in the future.
Some assurance providers may also add additional benefits to your policy, often even free of charge or as a standard add-on. These benefits are things like the free accidental death benefit. This benefit is given to you while the life assurance provider process your application, providing you with piece of mind that you’ll be covered in the event of an accident.
As your life changes, so should your assurance policy. The guaranteed insurability option enables you to increase your cover when specific events like marriage take place, without having to supply the provider with any medical data. The terminal illness benefit ensures that your policy could pay out its proceeds upon diagnosis of a fatal illness instead of in the event of death. This could offer you financial support more needed now than at a later date.
In life assurance, versatility is important, this is why we believe your policy should be able to change along with you. Some assurance providers will allow you to make numerous changes to your policy throughout your policy term. You are able to change the term, the amount of cover and it’ll enable you to change from monthly to yearly premium repayments.
Benefits offered may vary from business to business. That is why it is important to investigate before you settle on any assurance or insurance coverage. So, before making a choice, look at everything the business provides and do not offer, and make sure you’re applying for the right kind of plan.
For more information on life assurance visit our site on http://www.youinsure.co.za/Life_Insurance.aspx
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