Basic information about life insurance

People buy insurance life to ensure that beneficiaries have enough money to maintain their lifestyle after the insured dies. The beneficiaries are persons who you designate so that they receive the money from the life insurance policy when you die. This money is known as benefit for death.

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You can designate one or more beneficiaries. If you designate more than one, you have to decide how to divide the money. You can also select a secondary beneficiary or contingent beneficiary, so that you receive the money if the primary beneficiary dies before you. Life insurance is not an investment. An investment is a financial risk, since you could win money, but also could lose part or all of your money. In contrast, the life insurance pays a guaranteed death benefit.

Some types of life insurance, as the ordinary life, universal life and variable life, can accumulate a cash value, which you could use as income for retirement. Agents and companies may not see life insurance as an investment or as a source of income for retirement. If an agent or a company trying to sell you a policy of life insurance as a good investment, be careful. Also, do not confuse the life annuities with insurance. Often people buy annuities for retirement because they can provide a fixed income over a long period.

Insurance companies use a process called assurance to decide if they will sell life insurance to someone and what prices to charge for insurance premiums. The company will consider several factors to determine how much to charge for the insurance premium. These include:
your age
sex
medical condition
If you smoke
His hobbies and occupation.

Seeking young people and people who have good health, not smoking and they have no hobbies or hazardous occupations, lower premiums, will be charged for them since the company expects that these policyholders live longer. Applicants who are older, who have health problems, smoke or have hobbies or hazardous occupations will probably pay more.

Companies may charge you a higher premium or may decide not to sell you a policy because of its potential risk. If a company does not sell you a policy, follow looking. Assurance guides vary from company to company. It is possible to find coverage with another company.

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