June 7, 2011. Paul Hixon
credit: Alex E. ProimosIn todays fast paced world insuring ones life is a primary need. There are many various insurance products like the return of premium term life insurance, guaranteed issue life insurance and accidental cover.
Usually, life insurance requires a lot of checks, tests and certificates. A guaranteed issue life insurance is unique in that it can be issued to any individual without such restrictive terms as other life insurance.
A guaranteed issue life insurance does not require any medical health checks and does not make you fill out a boring, lengthy questionnaire. There is no long documentation and checklist because this type of insurance only covers the cost of a funeral which in comparison with what other insurances give out, is not a lot of money. People of old age between 50 and 80 are the target, potential customer for this type of insurance due to several reasons. Policies like these lure the investors in on an emotional and financial level more than any other benefits the policy provides. The main reason is the holder is unsure whether their family members can or would take care of his or her responsibilities after death. The premiums that are payable are directly linked with the individuals earning capacity, age, gender etc.
Return of premium term life insurance is a very simple insurance product that returns only the premium to the policy holder if the cover is not used within the term of the policy. This policy product is a somewhat less attractive investment product as the cost is higher in such a policy. With so many new and exciting investment options open such a policy investment is usually regarded as a bad expenditure than an investment.
These are two of the options you have when it comes to life insurance and it should not be taken lightly as the people that will be hit hardest are those family and people closest to you.
Updated June 7, 2011. Published April 29, 2011. Paul Hixon
