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According to insurance companies, the earlier we can get life insurance, the better. Not only can we have an earlier retirement in the future, but we can also secure our families in case of our death. So the earlier we secure one, the cheaper it will be.

The cost of an insurance policy can be paid monthly or yearly depending on the assessment of many factors such as:

  • Length of cover- How long you decide the policy should last
  • Amount of cover- The amount of coverage, whether it includes illnesses or mortgages

The type of Life Insurance Policy depending on your current status and circumstances. The two types are:

  • Term insurance – insurance with a set period of years that the policy is valid
  • Whole of life insurance – this is much more expensive as it covers the client’s whole life until death
  • Age, health, and risk of death depending on your occupation

Starting early means you have a lower risk factor for the company. This means the cost might be cheaper compared to a policy secured when you already have a family and has a lower life expectancy due to health reasons.

We can never predict when our time here on earth is due, so always being ready is better than being sorry.

Post Author: Eleanor Horton

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FAQ

Having this option means that if you ever want to increase the amount of lump sum payout of your policy in the future, you are eligible to do so without providing current medical status, or simply, no questions asked.

The insurance company will always assess their risk when a client has medical conditions. Being overweight may lead to other more serious cardiovascular diseases or diabetes so that the company may have to adjust the policy terms. You may also undergo a medical examination that ensures that you are perfectly healthy despite your weight. The severity of your asthma may also matter.

If you have just started smoking, the company may encourage you to stop it in order to not compromise your health. If your smoking has already damaged your lungs, then an insurance company will have to assess their risks depending on the severity of the damage and your own management of the addiction.

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