What to know before buying Life Insurance beneficiaries

We buy insurance policy to financially protect our household this is real fact. But you are not sure how your household will change over time so you must understand the basic of how your death benefits work.

Choosing A Beneficiary For Your Life Insurance Policy

In India you will find joint family mostly and most life insurance policy buyers choose their parents, brother, sister and relatives instead of spouse or their children as their beneficiaries.
For instance, if their brother or sister reaches an age where they are financially stable or if the policyholder breaks the relationship he or she would probably want to make change in beneficiary’s name. This is typically an easy process for those policy schemes which have option to change the beneficiaries name requires a few phone calls and signatures from the policyholders

Some life insurance policies do not permit the option to change your beneficiary without valid profe of beneficiary’s to changes. This type of policy is known as irrevocable benefit clause.

Under the terms of some life insurance policies, you cannot change your beneficiary without your beneficiary’s permission. This special policy is known as an irrevocable benefit clause. Your policy probably won’t have this clause unless you’re buying life insurance to fulfill a contract or as part of a court order. Still, you should read your plan carefully to understand whether you can easily make changes to your policy.

Do you know that Life Insurance for Children is a Great Investment plan?

You see add on TV, listen Radio and read news you will notice that all the time media stressing the importance of buying Life Insurance for Children.

Many parents overlook just how beneficial life insurance can be for a child. Just think about the benefits of you child which he will receive and start investing in your little one’s future easly.

I want to suggest parents to buy permanent life insurance plan for their children’s.

Parents need to understand the difference between permanent life coverage and term life insurance policy before buying insurance on your child. Term life insurance comes under temporary policy it will provide death benefits until the plan expires. A whole life plan will stay in force for as long as the premiums are paid. The benefit of permanent plan is that it cover deat befefit as well policyholders can accrue cash values on a permanent life insurance plan. So by taking permanent plan you are making an investment into the child’s future.

I am safe and sound

I am insecure