About Life Insurance Policies

An important part of financial planning is Life Insurance. Many buy life insurance to cover the income which may be lost with the death of an earner. The money given out on your death by a life insurance company helps to ensure that your dependents are not burdened financially when you die.

While buying life insurance, you should look for a policy which will fit your needs and also not cost much. First decide how much cover you need, what amount you can afford to pay and also the type of policy you will need. Next, try to find what different insurance companies are charging for the kind of policy you have decided to buy. Now compare Surrender Cost Indexes and Net Payment Cost Indexes of similar policies from competing companies. Your chances of buying a relatively good policy will be better if you not shop like this.
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What if a Life Insurance Policy is lost?

Situation:You are a beneficiary to another person's life insurance policy. This loved one dies, but you don't know with which company he/she had this insurance policy. Or, maybe you do, but you find this policy document quite a while after his/her death. What can you do? Can you still collect the amount?
Solution: When the person died, if the policy was paid for, you can collect the benefit amount. In some cases, if the terms and conditions in the policy so allows, even if the person has not paid after some point during the course of the policy, you may still get a benefit - maybe a reduced benefit. It is really important that the beneficiaries know about the insurance and also of its terms and conditions. Again, it is a good practice to keep a note of the company and the agent/relationship manager through whom this insurance policy has been purchased.

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