Life insurance is a must-have protection

Oct 06, 2011

Protecting dependents from financial burden is one of many reasons to buy a life insurance policy.

Money Control recently reported that life insurance can protect a policyholder in the event of a disability, safeguard a family from a loss of income after a death and ensure the repayment of debts after a death. As most families are heavily dependent on one or both parent's incomes, the death of a parent or spouse could put the family at risk - making life insurance a valuable asset to every family.

According to the news source, any individual who has family members or loved ones who are financially dependent on them for survival should invest in life insurance. Policyholders can protect themselves, their assets and the dependents from personal risk exposures.

In addition, life insurance coverage can help provide for surviving loved ones and fulfill other economic goals such as putting children through college or paying for funeral expenses. Life insurance can also be taken out on a valuable employee, whose death would cause major financial harm for his or her employer, the news source reported.

In an effort to make obtaining a life insurance policy easier for consumers, Minnesota Life Insurance Company recently launched changes in its underwriting process for individual coverage.

The changes aim to reduce stress and time for clients and advisers through all steps of the application to issuance process by reducing steps that are repetitive or add no value. Changes to the provider's underwriting process include medical exams conducted by physicians are no longer required for coverage, lower requirements regarding EKGs, underwriting exams and medical tests are now valid for 12 months and personal history interviews and commercial inspection reports are now shorter. 

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