The general insurable interest policy is perhaps the most commonly known type of policy. This type of insurable interest allows the policyholder to receive a lump sum payment in the event of disability. In this policy, the insurer will cover any expenses for healthcare as well as other benefits that can be provided through a business. The amount that can be insured varies greatly.
This type of insurance can be purchased in two different ways. First, a person can purchase a policy from a licensed insurance agent on the Internet. In addition, some insurance companies will sell a policy directly to the policyholder. If the person buys a policy from an agent online, they will have more control over the pricing and the amount of money that they will be paying.
Individuals who need a lump sum of money will often opt to get a general insurable interest from a bank or another lender. When getting a loan from a lender, it is important to know what type of insurable interest will be offered to you. Some lenders will only allow the purchase of small sums of money and others will not offer any type of insurable interest. If you are interested in obtaining a loan to cover a large amount of money, then it is imperative that you talk with a broker. A broker can help you understand all of the terms and conditions of the insurable interest policy that you are interested in.
