Le Sueur Insurance, Le Sueur Insurance Agent, Insurance Le Sueur

Le Sueur Insurance, Le Sueur Insurance Agent, Insurance Le Sueur
Insurance: An Answer to Retirement Age
Lets admit it! Time will come when a person stops employment completely or decides to leave the labor force because of health reasons. This is the stage in your life called the retirement age. Have you ever asked yourself if you are prepared when this chapter in your life commence? Saving for that particular stage is of utmost importance. One way of putting your life in order for your retirement is by purchasing a life insurance. A life insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the policys maturity. Maturity of a policy usually occurs after continuous payment of the insurance premiums. It usually takes place when the policy holder reaches the age of 40 to 65 years old. When that time comes, the insurance company is obliged to pay the policy holder an amount stipulated in the policy contract. On the other hand, the policy holder is also compelled to pay his insurance premiums religiously or at regular intervals or in lump sum. This is called the insurance premiums. It should be noted that insurance premiums vary depending on the age and gender of the person who is purchasing the insurance and how much insurance he want to receive. The insurance premium is also computed based on the kind of job the policy holder does. An additional amount is added if his work is very risky like for example, miners, pilots, etc. It is best to buy an insurance policy at a younger age because insurance premiums are cheaper as compared to insurance premiums purchased at an elderly age. Sometimes, there are also added inclusions in the policy contract where bills and death expenses plus catering for after funeral expenses are included in the Policy Premium.
There are many kinds of insurance plans. It may be a whole life plan or an endowment plan. The whole life plan is to be paid by the insured up to the time it reaches maturity age. When that time comes, he stops paying the insurance premiums but is still insured with the insurance company. Insurance benefit is claimed only after his death. On the other hand, there is another plan called endowment plan. Usually, at the age of 45, the insured can surrender his policy and the insurance company is obligated to pay the insured individual the face amount of the policy. This insurance plan is an excellent choice because the insured individual can enjoy using this money for his retirement. It could be used to put up a business that will support him and his needs during his old age. However, the insurance premium that the policy holder should pay is much higher if he is to purchase this plan. It is because he only needs to pay it in a shorter span of time. Life insurance benefits can also be obtained upon the insured individual’s or individuals’ death or other event, such as terminal illness or critical illness. But whatever insurance plan you plan to buy, it will give you and your loved ones the peace of mind you need for that inevitable retirement phase of your life.

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