What is Life insurance?
Life Insurance is a kind of insurance in which Insurance Company Pays calculated amount to the Family of Insured person after his death. Life Insurance is agreement between insured and insurer. Life insurance policies are legal contracts and the terms of contract explain the boundaries of the insured events.
Life insurance policies are categorized into two types:
- Traditional plans
- Unit Linked Insurance Plans
Life Insurance is mostly paid in two ways to family of insured person.
- Lump sum Amount
Life Insurance basically deals with Health inspection. This Inspection helps company to judge about premium. A General test conducted before allowing Insurance policy. This Test helps to know the fitness condition of a person.
MAJOR THINGS TESTED FOR LIFE INSURANCE
- Review Medical History
Life Insurance asked for complete description about Medical history. First step would be to provide complete history of your health status. Medical History involves your regular or off and on checkups also about family’s medical issue along with contact details of Doctor.
- Measurement of Blood Pressure and Blood Works
Life Insurance tests for blood Pressure, in all it tells how much heart is doing well. Blood pressure shows overall circulatory system of a person. Life Insurance companies for sure want to find out accurate measurements of blood pressure tests and so for others in order to offer appropriate rates to clients.
- Measurement of Height and Weight
Life Insurance measures height and weight of person in order to keep it in record as a fact. Insurance company keeps it as a physical record of Applicant. Proper chart is maintained by Life Insurance Company according to which heights and weights are classified. People’ belonging to 5.8 feet comes in one section other move on to their specific section.
- Test for Drugs
Life Insurance considers it as a highest priority test. Drugs use leads to nasty behavior and definitely affect the Life Insurance Policy. Company will not allow those applicants who are suffering or had been indulged in drugs.
- Treadmill Stress Tests
Treadmill Stress is a test in which patient march on a moving treadmill at the same time heart beating and breathing rates are scrutinized. Life Insurance conducted Treadmill Stress Test in order to assess the cardiovascular risks and functional capacity of Life Insurance Applicant.
- Urine Test
Life Insurance Analyzes Urine test to check portion of protein, glucose and cocaine in body. Functionality of Kidney is also checked by Urine blood test.
- Protein Test
There are two basic proteins that circulate in human’s blood stream named as Albumin Globulin. Life Insurance tests Total Protein which is combination of Albumin and Globulin. It can be of high level or low level depending upon their presence in blood. Total protein test is used to measure out the complete amount of protein in someone body.
Benefits of life insurance:
There are many benefits of availing the life insurance; most important from them are the financial protection and security. Others are given below:
- Death benefits
- Life risk cover
- Tax benefits
- Loan options
- Assured income benefits
- Life stage planning
- Return on investment
- Mortgage redemption