The various types of claims you can make if you have a Life assurance policy

Apart from being entitled to a guaranteed cash value for your life assurance policy, which you have meticulously paid during the years, there are several other claims you are allowed to make for this policy.
First of all, in case of your untimely death, your family or the beneficiaries you have signed on to your policy, will receive the minimum guaranteed cover or the accumulated cash from premiums up to the moment -whichever has the higher value.Compare life insurance companies offer the guaranteed sum plus the dividends accumulated by the time of the death of the person insured.
In order to make a death claim for a spouse or family member who had life assurance, you need to submit certain documents to the insurance company, such as the original death certificate, the original life assurance policy, identification documents both for the deceased person and the beneficiaries, possibly which will also help establish the relationship between them. The insurance company may ask for additional documents – medical and others in order to process and accept the claim.
In case of the death of the person insured, all future premiums are invalid, and any unpaid previous one are deducted from the cash value. An important factor for the insurance to be active, is that all premiums are paid up to the moment of the death.
After accepting the claim as a valid one, the insurance company will pay the lump sum to the policy’s beneficiaries in a reasonable time period following the death of the person insured.
The main idea of the life assurance policy is to have a save guaranteed investment for a certain period of your life, or when you reach a certain age. When the end date (the so-called maturity date) of the policy comes, then the person who holds the policy will receive the amount guaranteed or the cash accumulated through the years, whichever is higher. Again, some insurance companies offer both the sum insured plus the dividends.
When it becomes time for you to make your maturity claim for your life assurance policy, you can choose whether to receive a lump sum at once, monthly payments for a certain period of time or monthly payments for the remainder of your life. The life annuity option is a guarantee that you will have a stable income on a monthly basis for the rest of your life. On the other hand, the fixed period (annuity certain) will ensure that you have a certain income for a certain period of years. In case of your death before the entire sum is paid off, your beneficiaries are entitled to the rest.
When making a claim, all you need to do is bring your policy to the claims department, sign some forms for the claim and receive your check. At this time, life insurance coverage (on that specific policy) ceases.
The other type of claim you can make, is to cancel the life assurance policy at any time. If you can no longer afford to pay your policy, or for some other reason, you decide to cancel it, you will receive the money accumulated to the moment. Before making a policy surrender claim though, you should probably think twice, because the older you get and the less healthier you are, the more expensive life insurance becomes.