1 –Jim and Rosie is a couple. Jim is a young man who is a bricklayer and doesn't have much experience. And Rosie who has a kids and another on the way has never been in full –time employment. They now lived in a rented accommodation. In conclusion, the income is very low and not stable earned by them. There is a poor financial situation in his family.
–There are three types of life assurance, term, whole life and endorsement.
I will recommend Term assurance for him. Because it is the cheapest and simplest form of life insurance, quite simply, insurance that can protects Jim for a specific period of time, or "term". He pays his premium and if he dies during the period of time that he is covered, insurers will pay benefits to his loved ones. There is no investment element with this form of life insurance, as such if no claim has been made there is no maturity value payable at the end of the term. Jim doesn’t want certainly his loved ones to face a financial burden if he dies and term assurance will help safeguard against that likelihood.
– Reason to consider term assurance
← He is the sole provider of income for his family,
← He has young children that will need to be provided for
← You cannot afford permanent insurance
← You prefer the simplicity of term life plans
By choosing a term life insurance policy he will be able to easily afford a policy that will provide a sizable death benefit to his family. The policy will be straightforward, and he will get peace of mind regarding the future of his loved ones.
– To be precise, family income benefits is an excellent policy for him who has young families and is concerned about protecting the welfare of their children as they grow up.
2. –Conditions are the required actions by the insured after a loss, such as notifying the insurer.
A provision, rules of conduct, duties and obligations required for coverage. If policy conditions are not met, the insurer can deny the claim.
These clauses can be...