What is a Life Insurance Policy?
A Life Insurance policy is an agreement between an insured and an insurer. An insurance company that departments of state insurance regulate has to pay a certain amount to the person who owns the policy according to their choice and receive the death benefit for their family members or children. They receive the benefit only after the payment is done monthly or yearly during their life period. The period that an insurer or an insurance company agrees to pay the concerned person can be of a specific term or a permanent one depends on the premium payment.
Types of Life Insurance Policy
Generally, every life insurance company provides two types of life insurance- Permanent and Term life insurance.
Permanent Life Policy – A permanent life policy is coverage given to the insured for his entire life or until he is alive. It’s not “pure life insurance” as the time a person invests his money on premium, their cost value increases, but it needs some time to make or build a certain amount.
Term life insurance– Term life insurance, on the other hand, is also called “pure life insurance” as the insurance company pays the amount for a specific period might be twelve to thirty years without increment or growth made in the cost value, once there will be the end of term, there will be nothing left. One needs to decide on what types of financial protection they need to be based on their budget, and it should be considered a powerful tool for many people to protect their financial confidence.
Add Life Insurance & Financial Services of Vancouver plays a vital role in changing the lives of millions of people by providing them with the right advice to buy the life insurance policy Vancouverwithin their budget, and it donates 25% of its income to the charity. It consists of a team of professionals and experts who guide their customers and provide them insurance and financial services to the people belong to Burnaby and Vancouver. It provides a good level of financial protection to the public pertaining to the sale of products and services of insurance under the Act.
The following are the key objectives of Add Life Insurance-
- When there has been a breach of the Rules or Act, they provide a disciplined licensee.
- To meet the minimum standards to protect the public, they ensure all the education requirements for licensing.
- They provide the licensing to be trustworthy, dedicated and financially reliable to carry the insurance business in its usual practice or good faith. They also give information about the factors that impact life insurance rates to the people and share some opportunities for savings while choosing the life insurance.
Why choose us?
There are many things that a person should know when they are thinking of buying an Insurance policy. The longer they wait to buy the policy, the more will be their expense. They should grab the opportunity of getting it through their employers on a basic level of coverage with attractive group rates. One should look at all the life insurance policy options while purchasing the best which fits their needs as it is the most consequential purchase they can ever make. Add Life Insurance Vancouver offers a wide range of customizable insurance plans to befit the requirement and needs of an individual. Therefore, one of the best ways of getting financial protection is to contact the Life insurance agents of Add Life to review the details of benefit and determine the percentage of insurance available through an employer.