Usually when the person is taking life insurance policy, there are some factors that are considered to determine the conditions under which the policy will be written. Among these factors most often used ones are health condition and age of the person. It is only natural as for insurance company the higher the risk that the claim will be made the more unwilling they will be to insure the person.
Organ transplantation is a process of moving an organ from one body to another. The person that is donated an organ is called a recipient. Although medicine is improving everyday, insurance companies still consider transplant patients to be risky.
Insurance underwriting is the process that is repeated every time when the new client wants to purchase an insurance cover. During this process the characteristics of the person is analyzed and using special underwriting methods that are unique in every insurance company the terms of the contract and the price of the premiums are calculated.
It is common for people to believe that death benefits from life insurance companies are not taxed. However, in reality governmental institutions do tax some life insurance contracts. A good way to avoid these taxes is to write the insurance policy in trust. Nevertheless, not all insurance companies present their customers with this kind of opportunity.
When an individual decides that he wants to purchase a life insurance contract, the hardest thing is to select whether to choose term life insurance or whole life insurance. Even life insurance professionals that have spent a number of years working with both types of insurance contracts do not agree which option is better. Both term life insurance and whole life insurance have their advantages and as a result it is extremely important to know when one alternative is better than the other.
Mortgage life insurance is used to protect dependents from having financial difficulties in case something happened to one of breadwinners of the family. It is hard to deny that such insurance brings feeling of safety as there is no need to worry how to pay off the mortgage in case of death occurrence. However, some negative aspects can be found that can make one really wonder whether it is really necessary to use mortgage life insurance.