Life Insurance Plan Online - 7 Terms You Should Know

 


Visitors: 136

Being able to search for the perfect life insurance plan online has enabled more and more people to get just the plan they want. Going on line avails the consumer of free quotes on plans not to mention an array of information from which to draw. One cannot hope to get a quality product without being an informed consumer and so before searching for a life insurance plan online it behooves one to become acquainted with the terminology and intricacies of the life insurance world.

There are seven particularly important words and phrases whose meanings have direct bearing on how you streamline your policy. Knowing what they represent is a integral ingredient to the process of figuring out which is the best plan for each individual situation.

And the terms to know are…

1. Face Value

This is pretty self explanatory. If a policy has a face value of $15,000.00 then that is the amount that will be paid out upon death of the policy holder.

2. Accidental Death Benefit

Also known as “double indemnity” this benefit stipulates that an additional amount of money will be paid out if the insured dies due to an accident.

3. Disability Income Rider

This provision pays the insured a set sum each month after the first six months of suffering with a disability.

4. Guaranteed Insurability

This allows the insured to buy additional coverage at any point in their life even if they’ve reached the point where they are considered uninsurable.

5. Incontestable Clause

A good protective device this states that after the policy has been in effect for one or two years the company can’t contest it.

6. Policy Loan Provision

This allows the policy holder to borrow money against a permanent life insurance policy for any value up to the amount of the cash value of the policy at the time of loan application.

7. Waiver of Premium Benefit

This stipulates that the company will pay premiums, should the insured become disabled for a period no longer than six months, from the time of disability.

Dean Iggo is the webmaster of best-free-insurance-quotes-online.com where you can quickly and easily find the best insurance quotes including boat insurance quotes using our free hints, tips and resources.

(407)

Article Source:


 
Rate this Article: 
 
Live Life On Your Terms With Qualified Life Settlement
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Life Insurance Terms - "S" - "W"

by: Sarah Martin (August 19, 2008) 
(Insurance/Life Annuities)

Guide to Life Insurance Terms

by: John Mussi (June 07, 2005) 
(Insurance)

Online Term Insurance Plan – IndiaFirst Anytime Plan

by: Intesab Husain (August 08, 2012) 
(Insurance/Health)

Life Insurance - Plan for life

by: Michael Challiner (September 26, 2006) 
(Finance)

Life Insurance - Is it Part of Your Financial Plan?

by: W. G. Moore (December 10, 2008) 
(Insurance/Life Annuities)

Ten different ways your life insurance plan works for you

by: Rahul Sharmi (April 25, 2014) 
(Insurance/Long Term Care)

Health Insurance Irvine Plan Makes Life Easy

by: Micheal Cole (January 30, 2012) 
(Insurance/Health)

Why Get Online Life Insurance Quotes Before Purchasing Any Insurance?

by: Allen Henderson (July 20, 2008) 
(Insurance/Life Annuities)

Group Dental Insurance Plan - Either A Family Plan Or An Employer Plan

by: James Kronefield (July 04, 2007) 
(Insurance/Dental)

Live Life On Your Terms With Qualified Life Settlement

by: William Regal (January 04, 2008) 
(Insurance/Life Annuities)