Shall i take a life insurance plan ?
Taking out a life insurance policy would protect your family if you were to die as it pays out a lump sum upon death or if you are diagnosed with a terminal illness.
Your commitment to any life insurance policy is that you fully disclose all information asked when taking out the policy. If you were to be diagnosed with a terminal illness for example and you were to make a claim and did not disclose all information this may result in your policy not paying out and will therefore come to an end.
You must inform your provider who your are taking out the policy with if your circumstances were to change for example if anything was to happen to a member of your family, you change jobs, your level of alcohol intake changes, you were to start smoking or you have had the use of recreational drugs. Again if you do not disclose this information then this may lead to your policy being cancelled and therefore not paying out.
The risk factors involved when taking out such a policy is that if you were to stop paying the monthly premiums then after the 30days the policy would cease.
The policy also has no cash value at any point throughout the term of the policy. Upon the even of death the policy will pay out the sum assured agreed at the start of the policy to help your family and at this point the monthly premiums no longer need to be paid.
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