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NSO Life Insurance - What Is It? One of the most sought after forms of insurance among life insurance companies is Non-owner Occupational Insurance or NSO life insurance. The reason for its popularity is that it offers low monthly premiums and has a flexible payment scheme. If you are self-employed, work with an outside company, have a business with multiple employees, or operate a business from a second home, this type of insurance is ideal for you. However, it is important to check what your options are and find out what benefits you might be eligible for. NSO life insurance covers the total expenses of a business on any one person, whether that is your business partner employee, landlord or other partner. It also covers the costs of any injury caused by any member of the business. You do not need to purchase separate insurance policies for your personal life as you would for an individual. NSO policies may be purchased individually or combined with your other cover to create a more comprehensive policy. You can take out one policy for a single employee, another for a business where several employees work for you, and another for multiple employees. The NSO term "worker" is broadly defined. This means that an individual who works as an employee in your business and who is responsible for performing certain tasks, such as purchasing materials and doing administrative work, will be covered by NSO. Similarly, if you employ a family member (such as a brother or sister) as a part-time employee in your business, they too will be covered under the NSO policy. The NSO payment scheme is flexible and allows the insurance company to adjust the amount you pay as you wish. For example, you might be able to pay a set amount for two years for a fixed sum over an eighteen month period. Some companies also allow you to make small payments as required instead of paying a lump sum. If you are injured or die, your NSO insurance company pays the entire balance of your outstanding balance at a stipulated time. Depending on how much was paid and when, the balance could be payable in a lump sum or over a period of time. If you are self-employed, NSO is one of the best insurance deals for you. You will have peace of mind knowing that you are protected against unexpected disasters and that your loved ones are still financially safe should anything happen. With the help of the Internet, it is easy to compare various plans offered by NSO. You can see the different premiums and policies offered by the different insurers in one place, and compare them side by side. This helps you to select the best plan for your needs. When choosing your NSO life insurance, ensure that the insurer you choose has a good rating with the Better Business Bureau. http://piqabooq.com/author/barnettbrask13/ will help to protect you against any fraudulent claims. If you do not need an immediate cash payout, you should consider an optional payment plan, which would help you to pay a part of your total costs for a certain period of time, usually six months. or one year. This option helps you to pay your bills in the interim without having to borrow against your investment funds. In this way, the total cost of the premium payments is reduced. You can also opt for a limited annuity, which is an alternative to an NSO life insurance. This will allow you to receive a fixed monthly income during your working life. You can select a plan based on your requirements and preferences. There are no obligations involved in opting for an annuity; the investment in the annuity will depend entirely upon your financial capacity and your choice of premium payment scheme. It is better to consult your financial adviser before selecting a plan.