This contract is intended to provide direct financial benefits, known as death benefits, to the person(s) of our choice if we should die during the period we elect to be covered. The individuals we designate to receive death benefits are referred to as beneficiaries. The amount of benefits paid to the beneficiary (or beneficiaries) is determined by the amount of coverage that we elect to purchase.
The other aspect to claims is how a claim will be paid. Have WE ever been in a claims situation, or heard others talking about how much they got paid in a claim. Our initial reaction is to think if one person got paid more than another it is because they have a better insurance company, but this is wrong.
The first thing that determines how much money WE will get in a claim is the type of coverage us chose when you purchased your policy. Our article on choosing the best home, condo or renter insurance covers all the options in our residential insurance policy.
Insurance is nothing but a cover that protects one against any sorts of risks and insecurities. The chief component of it being of sharing the risk. It can be referred as a contract where a stipulated amount is paid so that the insurer can help the insured people recuperate from the loss and after effects of a damage or risk, in case of any eventuality.
Not everyone has the same financial responsibilities. So, no one type of coverage is inherently better than another. What's most important is finding the solution that works best for our personal financial situation. We can put your mind at ease knowing that if we do need life insurance, we've taken steps to help protect our legacy. Speak to one of our licensed agents to determine what type of life insurance policy is best for our family and begin the application process.