Celebrities and models have been known to insure their legs and other body parts because these features are thought to be vital to their ability to earn an income.
Now, this kind of insurance either makes sense to you or may seem frivolous to the extreme.
However, regardless of how you may feel about celebrities and their rarefied existence, the concept of life cover is something that pertains to the majority of folk in normal life.
Most people are by now aware that it is necessary to possess life cover if you have dependents so that they will be cared for financially should you no longer be in a position to provide for them.
Even if you do not have any dependents at all, it is now believed to be beneficial for a person to possess a form of cover that will provide for them in the event that they are unable to work due to disability for whatever reason.
People with spouses or life-partners are also becoming aware that it is advantageous to have policies where they name each other as the beneficiary in the event that one of them should pass away prematurely or become disabled.
The reason for this is that the cost of living is so high nowadays that it is virtually impossible for a couple to survive on a single income even if they do not have any children or other dependents.
Life cover and disability insurance policies generally fall into two distinct categories: policies that provide coverage for a specified length of time and those that provide cover indefinitely.
Time-specific policies are typically referred to as 'term insurance' because they last for a specific length of time and then expire whereas policies that cover a person for the duration of their life are known as 'whole life' policies because they cover a person for their entire lifespan.
Then there is life cover that pertains to particular diseases and conditions that people may suffer from such as cancer, diabetes and HIV.
Also falling within the sphere of life and disability insurance is loan protection cover which takes care of an outstanding loan amount in the event that the person possessing the cover passes away or becomes disabled before the loan is fully repaid.
When a disability or life cover policy is referred to as 'pure-risk' this means that there is no savings component.
What is more, it means that the policy does not have a surrender value.
In other words the policy holder will not receive any money if they decide to terminate the policy before it ends.
Life cover such as this is not designed to be an investment or savings policy nor does it contain any form of medical protection.
Given that there are so many types of life and disability cover on the market these days, it would be wise for a person who is considering getting life cover to be very careful to find a policy that suits both their needs and their life circumstances.
What is more, it can be a good idea to get the assistance of a financial consultant in this regard to help you to make an informed decision with regards to your life insurance.
Now, this kind of insurance either makes sense to you or may seem frivolous to the extreme.
However, regardless of how you may feel about celebrities and their rarefied existence, the concept of life cover is something that pertains to the majority of folk in normal life.
Most people are by now aware that it is necessary to possess life cover if you have dependents so that they will be cared for financially should you no longer be in a position to provide for them.
Even if you do not have any dependents at all, it is now believed to be beneficial for a person to possess a form of cover that will provide for them in the event that they are unable to work due to disability for whatever reason.
People with spouses or life-partners are also becoming aware that it is advantageous to have policies where they name each other as the beneficiary in the event that one of them should pass away prematurely or become disabled.
The reason for this is that the cost of living is so high nowadays that it is virtually impossible for a couple to survive on a single income even if they do not have any children or other dependents.
Life cover and disability insurance policies generally fall into two distinct categories: policies that provide coverage for a specified length of time and those that provide cover indefinitely.
Time-specific policies are typically referred to as 'term insurance' because they last for a specific length of time and then expire whereas policies that cover a person for the duration of their life are known as 'whole life' policies because they cover a person for their entire lifespan.
Then there is life cover that pertains to particular diseases and conditions that people may suffer from such as cancer, diabetes and HIV.
Also falling within the sphere of life and disability insurance is loan protection cover which takes care of an outstanding loan amount in the event that the person possessing the cover passes away or becomes disabled before the loan is fully repaid.
When a disability or life cover policy is referred to as 'pure-risk' this means that there is no savings component.
What is more, it means that the policy does not have a surrender value.
In other words the policy holder will not receive any money if they decide to terminate the policy before it ends.
Life cover such as this is not designed to be an investment or savings policy nor does it contain any form of medical protection.
Given that there are so many types of life and disability cover on the market these days, it would be wise for a person who is considering getting life cover to be very careful to find a policy that suits both their needs and their life circumstances.
What is more, it can be a good idea to get the assistance of a financial consultant in this regard to help you to make an informed decision with regards to your life insurance.
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