What Are The Benefits Of Family Life Insurance?

What Are The Benefits Of Family Life Insurance2

I bet you have heard of what life insurance is all about. It is basically a form of financial protection provided by an insurance company to cover most or all the financial expenses incurred when a person demises. This way, the family members or loved ones can be free from the additional money burden that comes along.

What Is Family Life Insurance?

However, not many people heard of it. In this article, we are going to share with you what it is as well as what are the benefits of it. Its concept is very similar to a normal life insurance except that it is designed by insurance company to cover all the members of a family with a single policy.

Whether you believe or not, it covers not only all the family members but including kids who are below the age of 14. For a normal life insurance policy, there is always an age limit for you to apply for one. As long as the family continues to pay for their premiums on a regular basis, the policy will continue to be running and the insurance company will continue to offer their services to all the family members.

What Exactly Are The Benefits?

So what is so special about such policy apart from just covering the entire family? Well, you might be surprised that even if there is any member of the family demises, the policy can continue to be enforced as long as there is at least one policyholder exists. Obviously in this case, the greatest benefit we can see over here, is that instead of several family members paying for their own premiums individually, a family type will only require a single payment to the insurance company every month or year and in most cases, the person making the payment is usually the dad or breadwinner of the family. This way, the entire family gets to enjoy all the benefits under a single coverage instead of only for a single individual. Most importantly, it covers the kids in your family too.

To give yourself even more savings, we would recommend that you should pay for your family premium annually instead of monthly as this would give you some discounts. In fact, most insurance policies offer this benefit. In addition to this, here are the other benefits you wouldn’t want to miss too.

Firstly, think about it. The purpose of getting a life insurance is to give you the peace of mind. Similarly, getting a family type will also give you the peace of mind that every member in your family gets covered and you can rest your mind if you are able to leave this world peacefully as you know your family members will have some form of assets to help them with their financial needs when you are no longer around.

Next, you can treat such policy as a form of investment as some policies offered by some companies come with some investment opportunities. In addition, some offer the opportunity for you to save with the option of “snowballing” your interests (earning accumulative interests over time). If nothing happens to all of you, you may potentially withdraw all your earnings when you retired or your policy has matured. You can thus be assured that you are planning for retirement in this sense. Getting a policy that covers your entire family and doing investment at the same time, how nice it is.

Thirdly, you can prepare for funeral expenses coverage for yourself too. Think about it. When you pass on, the worse and most saddening thing will be to add on to the grief of your loved ones, with a huge amount of funeral expenses. With a family life insurance, you can be sure that your funeral expenses will be taken care of. Best of all, any remaining sum of money can be equally divided and distributed to remaining family members. You are not only helping them to overcome the financial burden, you are helping them with their financial needs to a certain extent and you can be assured that they will be grateful to your good deeds even if you have passed on.

What You Should Look Out For When You Are Going To Get One?

So what should you look for what you are looking for a family life insurance policy? Well, make sure that you get one that next expires and if possible, with its rates that never increase overtime. If you are looking for those with endowments, make sure that you go for one that has its cash value grows over time too as your children will be able to benefit in future when they grow up.

Next, get the right quote with rates that are affordable and if possible, able to cover you and your family no matter what happens.

If you are wondering which are the top insurance companies that offer the best life insurance for families? We would recommend companies like Gerber Life, Advantage Term Life, Aflac, Mutual of Omaha and MetLife. Of course you should be able to find more out in the market but these companies are those we know of at this point of time.

Are We Able To Get Quotes Online For Such Policy?

Of course there is no problem at all. In fact, most insurance companies are moving towards this direction in order to make themselves more competitive in the market. So if you are starting out to get quotes now, remember to use your friendly search engine and enter the keywords you desire and you are opened to the door of tens or even hundreds online quotes. There are even websites that work with several insurance companies and able to make comparison for you and present you with the quote that is most comparative.

In Summary

Family life insurance is really a great investment to make. It does not only cover yourself alone but your entire family even the youngest kid. So do not hesitate anymore, start looking into getting one today.

Essential Tips When Getting Life Insurance Quotes Online

Giving life insurance

In our daily life, whether we are watching the TV, reading our newspaper or even browsing our social feeds of our friends or closed ones, we may chance upon ads of life insurance. I believe most of us have heard about it but I am not surprise some of us do not have one. They may not even know what one is hence they are not pretty much concerned about getting one too.

Some people may know what a life insurance is but they usually easily get confused with medical insurance and that’s why in this article, we are going to share with you what one is, why it is important that you get one and what are some of essential tips you can follow to get life insurance quotes online to get started.

What it comes to medical insurance, you can be rest assured that your medical bills will be paid by the insurance company when you fall sick. However, most of the time, it only benefits yourself alone but not your beneficiary (could be your loved ones or relatives depending who you determine on your beneficiary declaration form). The benefits of life insurance overcome this by providing monetary compensation to your family members or loved ones in the event of your death or physical disabilities. In this way, they do not have to worry about all the financial obligations that they have to face when you met such mishaps i.e. funeral expenses.

Next, we are going to discuss why a life insurance is important and why you should get one. Think about this: If you truly love your family, do you really want to add extra burden to them should anything happen to you? Grieving is already very painful process and imagine of all the money problems that add on, do you think you are fair to your spouse or loved ones if they are going to bear all these? Nobody likes to plan for their own funeral but for the sake of your loved ones, you really have to consider getting a life insurance to get yourself fully covered for all these so that your family members can lead a better life too.

So now you could have made up your mind that a life insurance is really important and after some consideration, you have decided to go ahead to get one for yourself. You may wonder next, how much does it cost to get one? Well, I can understand because you may need to work out your sums to see if you can afford one based on your current financial status and commitment. Well, different life insurance policy cost differently but the rule of thumb is; it depends on the amount of risk they are taking on you. If they need to take a low risk, your premiums (the amount of money you need to pay them every month or year) will usually be low. Vice versa, if they incur a high risk protecting you, naturally you need to pay more. The usual determining factors will be as follows,

1)      Your age

2)      Previous and current medical history or condition

3)      Whether do you smoke or drink

There are different types of life insurance packages out in the market too. They are whole life, variable life and term life and each of them has the own coverage and benefits as well as their fees too.

Lastly, you could have worked out your sums now and fully confident that you can afford one and ready to get one too. Next question you may ask, how do you go about finding one? Most people will face this problem and you are not the only one. Our suggestion to you for a start is to get the information you need on the internet and get some quotes online to make comparison too. There is no need to run around visiting different insurance companies and making phones calls, when all the information you need, can be found online. All you need is just a working PC or laptop and use our friendly search engines to search for the insurance companies that can send or display their quotes to you online so there is no need to fax or email around and waste your waiting time.

To get insurance quotes online, here are some essential tips you may like to follow. Firstly, avoid giving out your personal information to the insurance company website since you are doing the first round of information gathering. To generate a quote for you online, the company does not require your social security number, phone number or residential address. Hence avoid sending such information to them. However, some companies do require your email address to follow up with you and send more updates to you in future. You should decide on your own whether you wish to give it to them but our recommendation is not to do so. You should only give your personal information only if you have decided on a particular insurance company and you are ready to get a policy from them.

Next, if possible, find a company that has access to many other companies. Such companies usually provide you with very comparative rates. Our 3rd tip for you is to be as honest as possible to ensure that you get the most accurate quote. Then, always remember to check out the financial rating of the companies that you are getting quotes from. Do some background checks as I believe you wouldn’t want to go for those fly-by-night ones. Lastly, when being asked to fill up an online questionnaire, try to go for those that will get basic information about you i.e. age, height and weight, gender or even most recent blood pressure or cholesterol readings. This will also provide you with a more accurate quote than one that is artificially low just to attract you to engage them.

Above are just some tips to help you get started when searching for life insurance quotes online but most importantly you must do your homework well.