Term life insurance done right

GELDPILOT24 customer about it in the video

Is a finance+insurance startup allowed to talk about death? A service provider that insures death, illness or accidents must also report on how important these coverages are. If customers like Constanze are willing to shoot a clip with us about an extreme situation like the death of her husband, we are very grateful. About two years ago, he passed away, leaving the family with a young daughter.

Our customer reports briefly and succinctly in the video clip about their experience with their term life insurance, mediated and supported by GELDPILOT24. Also what it depended on that the insurance paid in the case of death also easy.

Can one make much wrong with a term life insurance?
Yes, quite certainly. First and foremost, many make the mistake of having too little or no coverage in the event of death. About one in six men die before age 65. After that, the curve of deaths rises sharply according to age.A shocking 92% of households in Germany had no term life insurance at all in 2014. (Source Wikipedia) This often leaves huge gaps when the life partner, father, mother, grandpa, grandma pass away. Be it the loss of income for the surviving dependents, education of the children, existing loans, funeral costs or the necessary move for cost reasons.

A good contract starts very early with the application and the necessary check of the health situation. This is where most mistakes are made. Customers should go here in principle to finance+insurance brokers. These have access to a large number of insurance companies. They can start free of charge for the customer a kind of anonymous advertisement and examine thereby, which insurer fits to which conditions, depending upon health situation, to the customer.

This always involves first checking the health situation, if necessary by making preliminary inquiries at the customer's family doctor and health insurance company. Because exactly there also the risk life insurance will inquire and examine exactly whether the customer answered the health questions correctly with the request. It is not uncommon for the insurance company to bear a large risk as well. It must sometimes pay out over two hundred times the premiums paid in so far immediately as a single payment to the customer. Often there is also a discrepancy between the customer's memory of his health history and the real records of the family doctor or the health insurance company.

With GELDPILOT24 you can start your health check digitally on your cell phone, tablet or PC in peace. Our experts then decide together with you which company is the right partner based on the situation. You can choose from Allianz to ZURICH all major insurers to start an optimal solution.

It should not go unmentioned that Constanze chose coverage through Canada Life. There were no problems with the payout, although there were already some health issues with the application.

Summary of how to get term life insurance right:

• Application at the Finanz+ insurance broker like our GELDPILOT24 partners with a variety of companies, in particular the possibility of an anonymous preliminary inquiry for the customer to the insurers.
• Sufficiently high sums insured in the case of death, the price deviations amount to for the same sum often several hundred per cent
• Accurate and truthful information about your health situation, if necessary preliminary inquiries with health insurance and family doctor
• Selection of the insurer also after the kind of the health questions. There are always simplified health questions from different insurers for certain occupational groups, professions or depending on life situations, such as building a house.
• The spread between the starting premium and the possible maximum premium of the insurer should not be too large.
• Your chosen insurer should offer the option of paying out the sum insured up to 12 months in advance in the event of a death prognosis by a doctor. This opens up a wide range of possibilities from alternative treatments, to the exact designation of the beneficiary and use of the money at the end of your life.
• Various increase and renewal options without health questions should be offered by the insurance company to be chosen.
• Depending on the customer's health situation, a few insurers also offer grace periods. Even up to 50,000 € protection are then mostly possible after 3 years waiting period also without health questions.   
• The previously known settlement behavior of insurers should be taken into account. If you have to spend months or even with lawyers to sue for the benefit, the insurer is the wrong choice despite favorable premiums. Your insurance broker will take this into account
• Take out term life insurance as early as possible, often in young life this coverage is very cheap and you are mostly still quite healthy.