Term insurance over 50s give you good coverage and financial support to you and your family in trouble times. You can have it when you are over 50s and it is better to start yearly to get a better benefit.Let us try to clarify basic doubts regarding term insurance policy.
One of the important question asked about term policy is weather the nominee will be getting the benefit when the insured is died due to an accident. In general company consider death as a issue and clear the policy amount with in the specified conditions. You will get this coverage when you got an accident or got a problem due to illness. The exception is the case of suicide, mass health problems outbreak or the problem is due to war declared on your country. Even you can pay small extra money to get extra riders for getting the extra coverage.
The policy take in your country will give you the coverage when you have gone abroad. Any way you shall inform this to the company in written. You can ask for a temporary change in address and change your phone number etc. The problem could be when you go for a unsafe country. This is decided by the international conditions and company policies.
How much investigation will be done to get the claim and settlement is another questions that is frequently asked. Weather the company is federal or a private operator it depends on after how much time you have asked for the claim. If you have asked for the claim in just two or three years after paying for the policy, the eye brows are raised. The simple reason is the company is at serious loss to clear the claim. Thus they investigate thoroughly before settling the claim. Once you have paid the policy for a long time, you can get the clearance easily. Paying your bills on time and having a up to date policy is a good advantage to clear the windows.
Premium for term policy remains same during the period in general. If you have developed a serious health problem or a bad habit, the company may ask you pay extra. In the broader sence the money you need to pay for year remains same during the policy time.
If the policy holder develops a new habit like smoking or drinking alcohol, you need to inform it to the company about it. It simply put you in a higher risk group. Not informing the same is violation of policy. You can inform and get the correction to the policy. They may ask you to pay extra premium from that time onwards.
If you have multiple term policies, you shall inform about that to the corresponding information to them. When a accident happens and looking for a claim, you need to inform to the first company with whom you have paid period for the longest time. That company will inform the same to the renaming companies.
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One of the important question asked about term policy is weather the nominee will be getting the benefit when the insured is died due to an accident. In general company consider death as a issue and clear the policy amount with in the specified conditions. You will get this coverage when you got an accident or got a problem due to illness. The exception is the case of suicide, mass health problems outbreak or the problem is due to war declared on your country. Even you can pay small extra money to get extra riders for getting the extra coverage.
The policy take in your country will give you the coverage when you have gone abroad. Any way you shall inform this to the company in written. You can ask for a temporary change in address and change your phone number etc. The problem could be when you go for a unsafe country. This is decided by the international conditions and company policies.
How much investigation will be done to get the claim and settlement is another questions that is frequently asked. Weather the company is federal or a private operator it depends on after how much time you have asked for the claim. If you have asked for the claim in just two or three years after paying for the policy, the eye brows are raised. The simple reason is the company is at serious loss to clear the claim. Thus they investigate thoroughly before settling the claim. Once you have paid the policy for a long time, you can get the clearance easily. Paying your bills on time and having a up to date policy is a good advantage to clear the windows.
Premium for term policy remains same during the period in general. If you have developed a serious health problem or a bad habit, the company may ask you pay extra. In the broader sence the money you need to pay for year remains same during the policy time.
If the policy holder develops a new habit like smoking or drinking alcohol, you need to inform it to the company about it. It simply put you in a higher risk group. Not informing the same is violation of policy. You can inform and get the correction to the policy. They may ask you to pay extra premium from that time onwards.
If you have multiple term policies, you shall inform about that to the corresponding information to them. When a accident happens and looking for a claim, you need to inform to the first company with whom you have paid period for the longest time. That company will inform the same to the renaming companies.
Related Post
Reduce your life insurance premium and save your money methods
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Common mistakes while taking insurance for over 50s
Need of Life Insurance for age above 50 years
Cheap automobile insurance for your new teenage driver Invest Money in mutual funds for great returns
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