Today, let’s take a peek at three types of insurance products offered to everybody that are subject to myths or remain mostly unkown. My short list should provide an overview of what’s available out there.
Mortgage Life Insurance
Mortgage life insurance is a plain silly idea, and it is a wonder that it is even legal. The insurers compel you to pay for coverage that shrinks the more you contribute. This means that the more you send to your insurer, the more money there is for the insurer to keep. Nobody should ever purchase mortgage life insurance as there are much better (and financially sane) ways of offsetting one’s risk of default.
Group Insurance as an Employee Benefit
One of the most complex parts of a company’s remuneration bundle are employee benefits. The amount of combinations of various perks is countless. More and more, the costs of employee benefits have been making it necessary that employers adopt the correct measures to gratify their valuable members of staff and stay economically efficient.
Based on the size of your institution, you may utilize all kinds of means of gathering the required feedback and data as to what your employees will be thankful for. Prepare your progress with a well-rounded group policy specialist to evade ordinary mistakes and curtail the process.
Simplified Issue Life Insurance
Guaranteed issue life insurance is a specific category of life insurance that nearly anybody can qualify for. This applies to patients with incurable health problems, patients with AIDS, and clients with habits that may affect their chances to qualify
Insurance companies will accept almost any applicant, asking only a handful or no medical inquiries on the application form. Surely, the heightened risk taken on by the insurer will be apparent in comparatively much higher fees. Also, the greatest plan total will be limited to several thousand dollars (depending on insurer), whereas normal plans may have the coverage figure in the millions. In addition no-medical and guaranteed issue insurance plans will contain exclusions so as to protect the insurer from people who would like to exploit the insurer’s benevolence. This is the price to pay if you cannot qualify for regular insurance policies but want to be covered for the sake of your family.
Learn more about Mortgage life insurance , Group Insurance , and Guaranteed issue life insurance at these respective sites. Article brought to you by Lorne S. Marr, an experienced independent life insurance broker from Toronto, Canada.