Life insurance cover is different from other covers such as home insurance and car insurance in various ways. Life insurance cover is a form of protection against the risk of death. It will typically cover your children, spouse, parents or other people you are close to. Life insurance covers funeral expenses, day-to-day expenses, lump-sum payments and permanent lifetime cover.
For home insurance or car insurance, it is easy to assess the cost of the loss. If a car has been stolen, you will get a valuation, look at the age of the car, and if there are any repairs needed, you can easily assess how much it will cost to replace a damaged item. This is something that home insurance will cover as it will cover damage to your house, but with life insurance, this would not be covered by insurance as the loss is not a material one.
The cost of your insurance policy is calculated by multiplying the annual premium with the value of your policy. The value you can assign to an individual depends on several factors, including; the person's age, income and what kind of things would be covered by their insurance policy.
Unlike life insurance, which provides for death only, car and home insurance cover losses that happen despite whether or not you are living at that location or have died. This means that if you have died, it could also be covered by these policies.
If you are searching for an insurance agent that can help you get insurance cover, consult Insurance Advisernet or visit their website for more information.
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