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You have finally decided to choose a life insurance. Initially, you overlooked the importance of life insurances, but your ailing health has now made you think otherwise. For this, you did some homework about the best life insurance policies and realized normal life insurance is virtually impossible to get. Soon, you understand, the best option would be to get a guaranteed life insurance. Guaranteed life coverage ensures you do not have to undergo the ordeal of various queries related to health questions and other aspects. Precisely speaking, when you choose the appropriate guaranteed life insurance, it cannot be rejected.
Features of a Guaranteed Life Insurance
Perhaps the only disadvantage of the guaranteed life insurances is, they are expensive. So, many individuals might want to look for a suitable alternative. Yet, a guaranteed life cover ensures that you get the proceeds without having to wait, and this is the biggest USP of them despite their expensive nature. So, in a nutshell with a guaranteed life insurance you can be assured of the following:
- Irrespective of your depleting health, approval is certain.
- You need not undergo any medical examinations in order to get the approval.
- You will be never asked anything about your health.
Understanding the difference
As a prudent individual you would obviously go for life insurance to ensure the safety of your dependents. Now, you have the choice between the term life insurance and the guaranteed life insurance which is also referred as permanent or whole insurance. The former can be afforded at a lower price and is much easier to understand. The guaranteed life insurance, on the other hand, is complicated and as mentioned already is expensive.
However, it is a wise decision to go for a guaranteed life coverage that offers you additional benefits which you could never expect from the term insurance policies. You should also understand, term life insurance is virtually impossible to get after an individual attains a certain age. Even if they do manage to get one, the value of the premiums will be even costlier than the guaranteed life insurance policies.
Thus, when you compare these two insurances, you will find the permanent life insurance is always offering a guaranteed life cover ensures that will be suitable for everyone in the long run.
Here is a look at the advantages of the guaranteed life insurance policies:
- You can select a lifelong coverage plan. It can also be regarded as an investment tool.
- A guaranteed life coverage ensures that its value will always elevate and you need not require to pay taxes on the increasing amount.
- Unlike the term insurance policies, the premium value will remain identical the entire period.
- You are ascertained to get a death benefit.
- Above all, a guaranteed life coverage ensures that you need not require waiting for getting an approval.
Generally, the guaranteed life insurance policies are ideal for individuals who know they are not going to live for long. You can always consult the experts to know more on this.
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This is a featured post by site supporter Arpita Arya
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