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March 23 2012


Benefits Associated With Life Insurance Quotes

Life Insurance Quotes are generally based on a particular person called the life assured and the sum assured become payable on the death of that person. At the commencement of negotiations, the person to whom the policy is been given to must be named and the risk of death during the term of the policy assessed. The assured is the name given to the person who effects the policy and is the original owner of the policy.

Premiums payable for assurance policies are significant lifetime savings for individuals and the families. It also provides cover against old age through annuities and pension arrangements. Thus it provides financial independence to the elderly reducing their dependence on the family.

Insurable interest is the legal right to insure arising out of financial relationship recognized at law between the assured(the proposer) and the assured. The one assured is the person on the duration of whose the policy depends on. The existence of insurable interest indicates that the proposer will suffer financial loss as a result of death of the assured. For cover contract to be valid, the proposer must have insurable interest in the one been assured.

One has unlimited insurable interest in one's life and in one's spouse. Practically, the cost of policy often limits one's ability to be insured. Blood relationships do not give automatic insurable interest. An exception to this is industrial assurance where one may assure the parent or grand parent but only to cover for funeral expenses.

Getting Affordable Life Insurance will depend on one's health and age. The older you grow the more one will pay, most insurance covers will increase there rates after one has attained the age of fifty and with each passing year it will continue increasing. People who are sick tend to pay more for there cover than the ones who are not sick.

Assurance policies offer financial protection to the dependants of the insured person.Obtaining Affordable Life Insurance in group assurance is easier as the underwriting of these policies is much simpler than that for individual policies. This is because the lives assured under the policy compensate for the unfavorable ones in this group. Most of the people who work are assured through group assurance.

Term assurance is the oldest form of assurance practice. Payment of sum assured is only made if the assured person dies within the time specified in the policy. If death does not occur during that period, no payment is made and the assured does not usually receive a return of premiums. Premiums are kept at modest level since they are paid solely to provide the cover. Term assurance policies do not contain any investment element. The premium paid merely covers the risk of death and the expenses. Recent product developments have come up with some variety of term assurance products, which allows for some refund of premium if no claim is made.

Life Insurance Quotes have an endowment policy as an assurance cover for a fixed period and the sum is payable on death within the period, or if no death occurs, the sum assured is paid at the end of the policy duration, that is maturity. Check Texas Life Insurance and New York Life Insurance for details!
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