Difference 0f Guaranteed And Non Guaranteed Basis

Having yourself insured is one good decision to make as you are investing in something that will benefit you or even to your family in the long run. Just make sure that you are choosing the right insurance company that is reliable enough to entrust your hard earned money to. The guaranteed life insurance policy is much different from non guaranteed policy. The advantage of having a guaranteed life policy is that the premium rates will remain in the same amount for the entire period and it is the most common insurance policy. That would only mean that your payments will be tied to a particular amount. Moreover, it will not be terminated automatically as you have the option to renew it at the end of the term period. Compared to non-guaranteed basis, the premium rate will increase during a specified year depending on the policy you have applied for. For example, if you have applied for a ten-year term life policy, your payment may be fixed for 5 years and you will have to pay a higher price for the remaining balance. The reason for this is that premiums on non guaranteed basis are unpredictable, particularly in meeting death claims and profit targets for most insurance companies.Whatever life insurance policy you choose, one must have enough knowledge on what insurance package you are willing to pay for. Insurance agents will certainly give you an idea about what package is a perfect fit for you. Do not be afraid to ask questions to clarify anything about the insurance policy to avoid hassles when claiming. Make sure that all you have agreed with the broker should be in writing and let it be explained in lay man’s terms. Being aware and smart in dealing with insurance agents is a must to make your money worth spending.

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