Is Assurance Life Insurance?
Is assurance life insurance? Have you considered insurance or assurance?
Life assurance (or insurance for insurance) is a product that helps your family, loved ones or those who rely on you, in the event of your disability or death. If you are unable to continue providing for your family, an assurance policy is disbursed into a lump sum to your nominated beneficiaries. They can then take care of outstanding debts or expenses without having to fret about where the money will come from.
Naturally when it comes to choosing insurance, you want to be able to find the best company for your requirements. Is assurance life insurance or what? The best possible company will seem as though their offering is unique to your circumstances. Although there are traits of life insurance companies that will be common to all policy holders, not everyone will require the same sort of policy.
What Is Insurance For?
Before you begin looking for a life assurance policy, decide what you want from it. Are you looking for coverage for a certain period of time or perhaps looking for a policy from which you can withdraw cash? Think carefully about these types of elements before searching and you will come across the right policy for you.
Things to Consider: Is Assurance Life Insurance
Something else to consider when it comes to good life assurance companies is their track record as well as their terms and whether or not they are readily available to assist you. Their track record with clients is a good indicator of the quality of the company. Try searching online for feedback from clients and find out what has been said. If you find a company to have a great deal of negative feedback, choose to steer clear.
Next, evaluate the company’s terms and make sure you understand what their policy is on borrowing against your funds.
- Evaluate the company’s penalty for early withdrawals and examine their fee schedule. The company’s availability and willingness to assist is also important.
- Find out how frequently their customer support lines are open so that you can be sure you will get help when you need it.
Pricing
When considering insurance the other big factor that will determine if a policy if right for you is the price. You will need to fine a policy that has a monthly premium to suit your budget but one that can still provide you with your required benefits. Be sure that you can afford the payments before signing up for a plan. You don’t want to forfeit the plan due to financial uncertainty.
The most affordable type of life assurance is term life assurance. This type of policy does not offer a cash value and once your term is over the policy is nullified. Although pricier, a whole life cover policy affords you the option of borrowing against the policy. These are the two most common life assurance plans in South Africa.
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All info was correct at time of publishing