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As with most insurance polices, life insurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy.
Insured events that may be covered include;
accidental death ,
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide (after 2 years suicide has to be paid in full)(in India after one year Suicide is covered), fraud, war, riot and civil commotion.
Life based contracts tend to fall into two major categories;
Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.
Types Life Insurance Policies, what kind of life insurance quotes do you need?
Term life insurance (term assurance in British English) provides for life insurance coverage for a specified term of years for a specified
premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection
in the event of death and nothing else. (See Theory of Decreasing Responsibility and buy term and invest the difference.) Term insurance
premiums are typically low because both the insurer and the policy owner agree that the death of the insured is unlikely during the term of
Permanent life insurance is life insurance that remains in force until the policy matures (pays out), unless the owner fails to pay the
premium when due (the policy expires). The policy cannot be canceled by the insurer for any reason except fraud in the application, and
that cancellation must occur within a period of time defined by law (usually two years). Permanent insurance builds a cash value that
reduces the amount at risk to the insurance company and thus the insurance expense over time. This means that a policy with a million
dollars face value can be relatively inexpensive to a 70 year old because the actual amount of insurance purchased is much less than one
million dollars. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the
policy and receiving the surrender value.
The three basic types of permanent insurance are whole life, universal life, and endowment.
Whole life coverage;
Whole life provides for a level premium, and a cash value table included in the policy guaranteed by the company. The primary
advantages are guaranteed death benefits, guaranteed cash values, fixed and known annual premiums, and mortality and expense
charges will not reduce the cash value shown in the policy.
Universal life coverage
Universal life (UL) is a relatively new product intended to provide permanent coverage with greater flexibility in premium payment and the
potential for a higher internal rate of return. A universal life policy includes a cash account. Premiums increase the cash account. Interest is
paid within the policy (credited) on the account at a rate specified by the company.
Another type of permanent insurance is Limited-pay life, in which all the premiums are paid over a specified period after which no
additional premiums are due to keep the policy in force. Common limited pay periods include 10-year, 20-year, and paid-up at age 65.
Endowments are policies in which the cash value built up inside the policy, equals the death benefit (face amount) at a certain age. The
age this commences is known as the endowment age. Endowments are considerably more expensive (in terms of annual premiums) than
either whole life or universal life because the premium paying period is shortened and the endowment date is earlier.
Accidental death is a limited life policy that is designed to cover the insured when they pass away due to an accident. Accidents include
anything from an injury, but do not typically cover any deaths resulting from health problems or suicide. Because they only cover accidents,
theses policies are much less expensive than other policies.
Life Insurance Quotes - Whole Life or Term Insurance Coverage.
Compare Rate Quotes from Many Different Life Insurance Companies and Choose What's Best For You and Your Specific Needs.
Life Insurance Coverage Overview
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death. In return, the policy owner (or policy payer) agrees to pay a stipulated amount called a premium at regular intervals or in lump sums( so-called "paid up" insurance). There may be designs in some countries where: (Assets, Bills, and death expenses plus catering for after funeral expenses should be included in Policy Premium. Anyone whose assets equal more than the value of their primary residence should not be compensated beyond that value in case they cannot sell their house. In the case of those whose lost their spouse should be compensated also for one full year the wages of their spouse which would or should be included to avoid lawsuits.) However in the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.