Life insurance Important policy provisions of life insurance

[Phabbyfundz]

— Elimination period; under some policies, if the insured has qualifying long term care expenses on one day during a seven day care period, he or sh let would be credited with having certified seven days toward the elimination period i.e the time between an injure and the receipt of payment. This type of provisions reflect the way home care is often delivered, some days by professionals and some days by family members.
— Guaranteed renewable policies; these must be Renewed by the insurance company,although premiums can go up
If they are increased for an entire class of policy holders.
— Restoration of benefits; this provisions ensures that maximum benefits are put back in place if the policy holder receives benefits for a time, then recovers and goes for a specified period typically six months without receiving benefits.

 

[btaliat]

Thanks for this elaborate article. It really covers the aspects needed by the readers but to be frank,I don't really understand the third one. Does that mean the life insurance purchaser won't receive any benefit for the second time having enjoyed the first benefit. And are these policies for the two types of life insurance

 

[Chibson]

Life insurance is very important for building individual because it covers many aspects of one's life and it provides security and rest of mind generally. It is quite important for people to properly understand life insurance policies before they buy a premium. This article is quite concise and can go a very long way.

 

[btaliat]

Although the renewed life insurance policy guaranteed the purchasers of this kind of insurance the chance renewing the policy. But I don't know whether it is automatic renewal or may be the purchasers consent will be sought firdt before there will be renewal under this type of life insurance policy.

 

[Wisdom01]

I really don't understand the second part , because if the insurer and the company already signed a deal on the premium to pay till a certain year , it would not be fair for them to just increase the premium just like that , it would really be somehow for me

 

[btaliat]

I really don't understand the second part , because if the insurer and the company already signed a deal on the premium to pay till a certain year , it would not be fair for them to just increase the premium just like that , it would really be somehow for me

What I just know is that it seems these polices at times differ from insurance company to insurance companies. Becuase I found it somehow for an insurance company to increase premium without thinking of the insured person first. This will be a bad idea of the company. At least they must communicate with the agent of the insured person

 

[Wisdom01]

What I just know is that it seems these polices at times differ from insurance company to insurance companies. Becuase I found it somehow for an insurance company to increase premium without thinking of the insured person first. This will be a bad idea of the company. At least they must communicate with the agent of the insured person

Exactly they must first discuss every thing with the agent , because even the person could sue the insurance company if they just increase the premium fee and the deal is not listed or some thing like that is not among the agreement they made ,it would become very obvious too I think , although insurance policies differs

 

[Mandy96]

The policy has to be known very clearly because it is what holds the insurance plan that the client is on. If you are an individual that is interested in purchasing a life insurance, I think it best to make sure you check out the limitation and the terms and conditions that guides it

 

[btaliat]

The policy has to be known very clearly because it is what holds the insurance plan that the client is on. If you are an individual that is interested in purchasing a life insurance, I think it best to make sure you check out the limitation and the terms and conditions that guides it.

Thank a million my friend, it is always advisable for anyone going to insurance policy especially for the first time to always have someone that will serve as a guidance, that's why we have the agent that will be putting him through on any policy that may not be cleared to him to avoid mistske.

 

[Wisdom01]

The policy has to be known very clearly because it is what holds the insurance plan that the client is on. If you are an individual that is interested in purchasing a life insurance, I think it best to make sure you check out the limitation and the terms and conditions that guides it

Very true , because I am informed that each insurance company have its own terms and conditions and we need to note that , so we don't go for a policy thinking they would have a general condition attached , we should ask questions from the insurance company to get more information on what is to be done and the terms and conditions to be met