HomeInsuranceLife Insurance: A Helpful Tool In Facing Financial Problems
Life Insurance: A Helpful Tool In Facing Financial Problems
July 8, 2021
Life and health insurance is an integral part of the insurance history. It is these insurances that were among the first to become widespread in the world market. Life and health insurance covers all areas of our activity and can be used for different life situations in which each of us may find ourselves.
Insurance in the event of death constitutes a guarantee for the relatives of the insured, while insurance in the event of life is used more as an investment, the insured may himself be the beneficiary of the contract.
Having invested their first or regular payment in life insurance, an insured person hopes to receive an investment income from their investments.
As a rule, people compare this investment instrument with a bank deposit in terms of profitability, but they forget the main thing for the sake of which they purchase a life insurance policy – to take care of the future of their relatives, relatives and friends in case of an unforeseen event.
The main mistake of the insured investor is to think first of all about profit and preservation of earned funds, and not about his life and the fate of loved ones.
If you need earnings, then shouldn’t go to insurance companies, you should go to a bank or to the stock market, because life insurance is a long-term investment with your protection and a guarantee of helping your relatives, but not income.
Insurance is a kind of lifebuoy in case of difficult situations. Many would prefer not to use it: no one wants to lose loved ones or watch their suffering during an illness. But life can be different, so you need to know how to proceed in order to receive payments for life and health insurance.
The main problem with insurance is that there are clear requirements that must be met in order to receive money. They must be taken into account in advance in order to avoid situations due to which compensation may be refused.
In this article we will try to list the main points, but do not forget: there may be special points in your contract that are important to consider. Read your documents carefully, and if you have any questions, do not hesitate to ask them to the life insurance service providers in India.
When the insurance payment is due?
Insurance payment under a life insurance contract occurs upon the occurrence of an insured event. This is the name of the situation provided for by the contract, after which the company has obligations to you. This could be:
Surviving until the end of the contract;
Temporary or permanent disability;
Diagnosing a serious illness, etc.
The conditions for the occurrence of insured events differ. It all depends on what the client chose when signing the contract. Therefore, you will definitely recognize them only by reading the documents you have on hand: a policy, a contract, annexes to it, if any. We suggest you to search for insurance service near me and take help of experts as they can make this process a lot easier.