Insurance policy is that resource which provides you financial security and your family as well. This policy helps you in your different and tough conditions, whether it be a health problem, accidental death, or damage of property but the question is that who can be able to take insurance policy?
In this article, we will discuss who is able to take an insurance policy and what is required for this:
1. Age limit of the person for buying insurance
To take the insurance, a person’s age is the most important part of his life and the age should be 18 years to take the insurance policy. Many companies also provide insurance policies for the children that have low premiums, and it is a safe investment for their life.
2. Health status
The health status of the person also matters for a health insurance policy. If you are healthy, you can get an insurance policy at a lower premium. Other hand if you have any disease, in this situation insurance companies may ask for more premium for your insurance policy or limit convergence for sure disease.
3. Employment status
The status of employment of a person is important for insurance policies, who have regular income so they can take insurance policies easily because they have good ability to pay the premium and apart from this, many companies also provide group insurance to their employees that is cheaper than individual companies.
4. Financial status
To take the insurance policy, your financial condition is necessary as well. The premium of an insurance policy depends on your income and expenses, if your income source is good, you are eligible for the high premium that has more coverage and features. Other hand, those people who have limited income can also take a policy at a lower premium, that provides you basic safety.
5. Insurance needs
Your insurance needs are also important for taking an insurance plan. For example, if you have a vehicle, you may need vehicle insurance. If you are the earning member of the family, a Indexed Universal Life Insurance Plan may be necessary for your family’s future. Similarly, insurance policies can also be taken for home or property.
6. Legal status
Legal status is also required for some insurance policies. For example, for auto insurance, your vehicle must be legally registered. Similarly, to get a health insurance plan, you must be an Indian citizen or have a valid visa.
Start planning today with www.infinitisurance.com– Your insurance consulting agency in Connecticut, which has more than 30 years’ experience in insurance and financial products.
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