Life Insurance Comparison - A Straightforward Concept

2. Life Insurance comparison is a much straightforward concept – you basically buy a policy that offers your beneficiary or beneficiary’s compensation when you are no more. You need to have thorough knowledge about life insurance to be able to take a well-informed decision about the type of life insurance policy that will be best suited for your unique needs, the amount of death benefit that you should opt for, etc. Since human life is very precious, you get financially as well as emotionally disturbed when you lose a family member. In such challenging circumstances, life insurance policies offer the much- needed financial peace to your family in your absence. It provides them a lump sum or pay outs in installments, as mutually decided between you and your insurance company at the time of signing the policy. This ensures your family a reliable and stable source of income for meeting basic needs like child’s education, daily expenses, unpaid bank loans or debts (if any), etc. Before you buy a life insurance policy, it is essential for you to have in- depth knowledge about Life Insurance comparison, the features and benefits that an effective life insurance policy should include, the claim settlement process, etc. This will help you opt for a life insurance policy that is the best suited to you needs from a reliable insurance company. Here is the process in which a life insurance policy works: •Premium and lump sum payments: Premium and lump sum payments: Timely payments of the pre- determined premium, as mutually decided between the policyholder and the insurance company. Premium payments throughout the policy tenure ensure that the policyholder’s beneficiary/beneficiaries will receive the pre-decided lump sum from the insurance company in the event of his/her unforeseen demise. Instead of a lump sum, the policyholder can opt for a lump sum to be paid in the form of installments to the beneficiary/beneficiaries after his/her sudden death. The

3. insurance company may also pay bonuses, based on the amount that has been accumulated over the policy tenure. •Claim settlement Claim settlement: After the death of the policyholder, the beneficiary or a relative of the deceased has to get in touch with the insurance company to initiate the claim settlement process. A copy of the policyholder’s death certificate will have to be presented as proof, along with other necessary documents as required by the company. It generally takes a week or fortnight or a month for the insurance company to review the claim and then decide on whether to accept or reject the claim. The entire claim settlement process usually takes one to two months or even less. Though there is no fixed tenure for completing the process, insurance companies make an effort to expedite the process to avoid having to pay hefty rates of interest on late payment of the sum assured. •Reasons for delay/rejection in claim settlement: Reasons for delay/rejection in claim settlement: There may be certain instances that may cause delay in the claim settlement procedure. For instance, investigating the chances of fraudulent practices. Causes of death from suicide within two years of opting

4. for a life insurance policy leads to claim rejection. Death due to the factors or medical and health conditions excluded in the policy in Life Insurance comparison. •Loan against policy on hospitalization or critical illnesses: Loan against policy on hospitalization or critical illnesses: Some insurance companies offer the option of withdrawing cash against the life insurance policy for emergencies like treatment of critical illnesses and emergency hospitalization. Policyholders can take a loan by submitting the necessary documents along with a letter that specifies the reason behind opting for a loan. You can also reach us via : Facebook : https://www.facebook.com/BeeInsuredUK Twitter : https://twitter.com/BeeInsuredUK